Winner Of $ Billion Lottery Gets $ Million After Tax

Lottery Tax Rates Vary Greatly By State federal tax rate 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 The Connecticut Lottery Corporation will withhold Connecticut income tax at the rate of 5% from all payments of reportable Connecticut lottery winnings made to

federal lottery tax rate If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% Income tax is withheld at a flat 24% rate from