How much does the government take out of your lottery winnings for taxes?

Not Legal Advice: Lottery winnings of more than $600 are subject to Federal Tax Withholding, and you will receive a W-2G form to file. For lottery winnings of more than $5,000, 25 percent of your winnings are withheld for federal taxes before your receive your winnings. You will still need to file a W-2G form, and in addition, you will also have to pay state taxes, which vary between 3.4 and 9.25 percent.

Tag: government 
Thursday, February 02 2012