What Is the Federal Tax Rate on Lottery Winnings?

Answer

The federal tax rate on lottery winnings may vary. The rate will depend on the state and the amount won. As of January 27, 2012, the rate is as high as 25%.
Q&A Related to "What Is the Federal Tax Rate on Lottery Winnings..."
When you win the lottery you can expect to give Uncle Sam about 20 percent or more of your earning. That's still not bad because if you won a large lump sum you can just pocket the
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All gambling winnings, including lottery winnings, are taxable as income. Generally, as of April 2011, 28 percent is withheld from proceeds of over $5,000 for federal taxes, although
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28% on your annual take. So if you received $100,000/year for 20 years,
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on 1 million or more it is 40% max.
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