Do you need to pay tax on lottery winnings?

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If the winner takes the payout, as many do, the federal tax would cut the prize by around $149 million In an estimate from USA Mega, an

That's because when anyone wins the lottery, the IRS withholds 24% of the winnings off the top With a large jackpot, if the winner opted for the lump sum cash How do lottery taxes work? ; 10% $0 to $11,600 10% of taxable income ; 12% $11,601 to $47,150 $1,160 plus 12% of the amount over $11,600 ; 22

michigan lottery games The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn