Publication 140-W - FAQS: New York State Lottery Winners -

lottery winnings after taxes
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Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

Forbes highlighted that since gambling winnings necessitate obligatory federal withholding taxes, the lump sum payment is subject to a mandatory The tax withholding rate is 24% for lottery winnings, less the wager, for prizes greater than $5,000 An example of the calculation used to determine whether a

national lottery retailer hotline Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no If the proceeds exceed $5,000 and you won the lottery prize on or after October 1, 2000, The lottery prize payment is gambling winnings taxed as ordinary