How Taxes on Lottery Winnings Work

federal tax rate for lottery winnings
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Here are the states with the highest lottery tax rates (It is important to note that you will also pay federal taxes on your Powerball prize Generally, 24%

The current federal income tax rates are 10%, 12%, 22%, 24%, 32%, 35%, and 37% So, depending on the amount of prize money received, the federal

federal tax rate for lottery winnings The Connecticut Lottery Corporation will withhold Connecticut income tax at the rate of 5% from all payments of reportable Connecticut lottery winnings made to

federal tax on lottery Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no