What's the Tax on Lottery Winnings?

federal taxes on lottery winnings
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How lottery prizes or winnings affect your taxes or potentially unemployment benefits, depends upon your individual financial situation Winning a lottery prize

The IRS takes federal tax “off the top ” But the winner then pays additional federal income taxes based on the tax rate tied to their federal

federal taxes on lottery winnings The tax must be withheld by the Lottery Department on the date of actual or constructive payment, whichever is earlier, as defined in federal Treasury

federal tax for lottery winnings Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher