Tallying Up the Taxes on Lottery Winnings - TurboTax

Tallying Up the Taxes on Lottery Winnings - TurboTax federal taxes on lottery winnings Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher federal income tax on lottery winnings Lottery winnings, considered taxable income, are subject to both federal and state income taxes The Internal Revenue Service imposes a

federal income tax on lottery winnings What are the lump sum lottery winnings after taxes? The federal tax on the lottery is determined by the federal marginal rates, which is 37 percent in the

federal tax rate on lottery winnings The lottery agency must withhold 25% of your winnings for federal income taxes How much is withheld for state income taxes varies from state to Federal lottery taxes are determined by the income bracket the winnings fall into Currently the two highest income brackets are taxed at 37%