Oregon's lottery winner is a billionaire before taxes; how much will

Oregon's lottery winner is a billionaire before taxes; how much will federal tax on lottery Lottery winnings are considered ordinary taxable income for both federal and state tax purposes Winnings are taxed the same as wages or salaries are, and federal taxes on lottery winnings All winnings from an out-of-state lottery are taxable for New Jersey gross income tax purposes, regardless of the amount Page 2 7 ) Q Will the New

federal taxes on lottery winnings Simply put, Section 194B requires businesses or organizations distributing prizes to withhold income tax at the source before paying out

federal tax on lottery Lottery winnings are considered taxable income for both federal and state taxes · Federal tax rates vary based on your tax bracket, with rates up to 37%  The IRS automatically withholds 30% of net lottery winnings in the US The rate at which the net winnings are ultimately taxed though depends on