Do I Have to Pay Taxes on Lottery Winnings? | Credit …
Nov 20, 2020 · What is the tax rate for lottery winnings? Depending on where you live, you may need to pay taxes on lottery winnings to your state and local governments in addition to the federal government. Federal tax. Right off the bat, lottery agencies are required to withhold 24% from winnings of $5,000 or more, which goes to the federal government.
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