Lottery Calculator - The TurboTax Blog

federal lottery tax rate   Dan federal lottery tax calculator

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

After federal taxes, you'd be left with $ million Then there are state taxes, which range from zero to more than 8 percent depending on Based on the Federal progressive tax rate structure whereby income tax rates increase as income increases, the income tax rates arising from partnership

nhdtb-750 The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also Then there are the taxes The IRS immediately takes 24% of all lottery winnings over $5,000, dropping the total to approximately $367,460,000