Amounts that are not reported or taxed -

The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn

If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% Income tax is withheld at a flat 24% rate from

if you win the lottery how much is taxed The winnings are subject to a flat tax rate of 30% without any deductions The tax is usually deducted at

if i won the lottery i wouldn''t tell anyone but there would be signs 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