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That’s the take-home amount after paying the federal tax rate of 24% (plus additional federal taxes, bringing the total to 37%) and the Illinois tax of 4.95%, as the state taxes lottery winnings ...
If you make $35,000 in 2023 and win $100,000 in the lottery, your marginal tax rate jumps two tax brackets from 12% to 24%. We won’t get into specific numbers as we are not tax advisors, but you ...
In Illinois, lottery winnings of $1,000 or more must have Illinois Income Tax withheld — which would be 4.95% of the prize money. And when it comes time to file your tax return, lottery winnings ...
All lottery winnings are subject to Federal taxation (automatically reported to the Internal Revenue Service if the win is at least $600); many smaller jurisdictions also levy taxes. The IRS requires a minimum withholding of 24% of the prize (minus the wager) of any gambling win in excess of $5,000.
The jackpot was worth an estimated $392.1 million lump-sum payment after taxes, according to the lottery. The winning numbers were drawn just after 11 p.m. ET on Friday, and we have the results below.
The Illinois Lottery began operations on July 1, 1974, [1] when lotteries in the United States were confined to areas of the Northeast and Midwest. The drawings are supervised by an independent auditor who certifies the winning results.
Before you see a dollar of lottery winnings, the IRS will take 25%. Up to an additional 13% could be withheld in state and local taxes, depending on where you live. Still, you'll probably owe more ...
How Much are Lottery Winnings Taxed? For starters, the IRS will take a chunk off the top of any winnings over $5,000 — a mandatory 24% federal withholding that must be paid immediately.