What's the Tax on Lottery Winnings?

Are lottery winnings taxed based on the ticket date or the redemption federal lottery taxes The Powerball jackpot has grown to an estimated $1 billion Here's what the winner can expect to pay in taxes federal income tax on lottery winnings The IRS takes federal tax “off the top ” But the winner then pays additional federal income taxes based on the tax rate tied to their federal

federal lottery tax How do lottery taxes work? ; 10% $0 to $11,600 10% of taxable income ; 12% $11,601 to $47,150 $1,160 plus 12% of the amount over $11,600 ; 22