Powerball Jackpot Winner Will Get a Hefty Tax Bill

Connecticut Income Tax Treatment of State Lottery Winnings - federal tax 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 income tax on lottery winnings Any payout over $5,000 after deducting the cost of the wager will automatically have 24% withheld for federal taxes The actual rate at which

federal taxes on lottery winnings That's because lottery winnings are treated as income by the federal government and most states, so the jackpots are subject to state and