Lottery Tax Calculator
Calculate how much you'll actually take home after federal & state taxes
Tax Breakdown
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Lottery Tax FAQ
How much tax do you pay on lottery winnings?
Federal tax on lottery winnings is 24% withheld at the time of payment, with a top marginal rate of 37% for winnings over $609,350. State taxes vary from 0% to 10.9% depending on your state of residence.
Is lump sum or annuity better for lottery winnings?
The lump sum is typically 50-60% of the advertised jackpot. Annuity payments are spread over 30 years and give you the full advertised amount, but you pay taxes on each annual payment. The better option depends on your investment discipline, tax situation, and financial goals.
Which states have no lottery tax?
States with no income tax on lottery winnings include: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. Delaware and Pennsylvania also exempt lottery winnings from state tax.
Do you pay taxes on small lottery prizes?
Winnings of $600 or more must be reported to the IRS. The lottery operator withholds 24% federal tax on prizes over $5,000. You still owe taxes on smaller amounts — they're reported as "Other Income" on your tax return.
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