Powerball Jackpot Winner Will Get a Hefty Tax Bill

federal income tax on lottery winnings
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Question: My husband and I recently won the grand prize from my State's lottery Can you provide some guidance on how we will be taxed on our lotto winnings

The first thing that happens when you turn in that winning ticket is that the federal government takes 24% of the winnings off the top But the

federal lottery Since the tax withholding rate on lottery winnings is only 24%, some lottery winners do not plan ahead, and can have trouble paying their taxes

federal tax rate on lottery winnings Lottery winnings are subject to federal income tax at a rate of 24%, and some states may also impose their own tax on lottery winnings, ranging from 0% to %