How Taxes on Lottery Winnings Work

While lottery winnings of $600 or less are not reported to the IRS, winnings in excess of $5,000 are subject to a 25 percent federal withholding

Still, you'll probably owe more when taxes are due, since the top federal tax rate is 37% So a good first step a lottery winner could take is

winning numbers delaware lottery TDS Rate: The TDS rate for lottery winnings is 30% us 194B of the winning amount For game show

winning numbers for florida lottery In addition, the Lottery is required to report to the IRS gambling winnings that are $600 or more, and at least 300 times the amount of the wager State Income