Federal Communications Commission Reports: Decisions, Reports, and

Federal Communications Commission Reports: Decisions, Reports, and federal lottery Are prizes taxable? Yes The State of Tennessee does not tax lottery winnings, but prizes are subject to federal income taxes Powerball andor Mega Millions federal lottery lotteries In addition , the Commission denoted general guidelines for determining the applicability of the lottery provisions to various broadcast

federal lottery The winnings are subject to federal income tax withholding The tax withholding rate is 24% for lottery winnings, less the

federal lottery tax rate Federal Income Tax Federal law requires the New Jersey Lottery to withhold 24 percent from any prize in excess of $5,000 A higher federal withholding rate Use the lottery tax calculator to estimate the tax amount deducted from a lottery prize, received as either a lump sum or through annuity payments