The Best and Worst States to Pay Taxes on Lottery Winnings

illinois lottery taxes
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Currently, Illinois has a flat tax rate of % for all residents Illinois attempted to pass a graduated income tax amendment, but voters denied it in

Lottery winnings are subject to federal and sometimes state taxes If you win big, plan for the taxes ahead of time Updated May 24, 2024

illinois lottery posts The winner will be taxed on their prize at the highest federal income tax rate, 37%, and at the Illinois state income tax rate of % Someone

illinois lottery numbers While lottery winnings of $600 or less are not reported to the IRS, winnings in excess of $5,000 are subject to a 25 percent federal withholding