What percentage does the IRS take from lottery winnings?

[kayode10]

I got you know that it is very vital for the winner to report the lottery winnings to the IRS. Because they are the authority in charge of lottery winnings. someone said that they are going to take about 40% of their winnings which is huge.

One of the questions I want to ask you guys over here is that What percentage does the IRS take from lottery winnings? I am looking forward to your response in the comment section below.

 

[James108]

The IRS typically takes a 24% withholding tax from lottery winnings. This means that if you win a $1,000 lottery prize, the IRS will take $240 and you will receive $760. However, this is just the initial tax taken by the IRS.

 

[Qwert135]

Yes , right the irs definitely takes a huge sum of money and most of it goes to the governments that run a country to be honest , you can expect to pay upto 45% of your total winnings in case of a big lottery winning indeed.