0 votes
asked by Question
How much tax do I pay if I win lottery?

1 Answer

0 votes
answered by Expert
You must pay federal income tax if you win All winnings over $5,000 are subject to tax withholding by lottery agencies at the rate of 25%. This potentially leaves a gap between the mandatory amount of withholding and the total tax you'll ultimately owe, depending on your tax bracket.
Welcome to All about Travel site, where you can find questions and answers on everything about TRAVEL