How many times do people pay taxes on lottery winnings?

How many times do people pay taxes on lottery winnings? federal taxes on lottery winnings If such a person wins a prize from the Tennessee Lottery, the Lottery Corporation may withhold all or a portion of the winnings to offset the federal lottery taxes Federal income tax As previously mentioned, you have to pay federal income tax on lottery winnings Right off the bat, lottery winnings over

federal lottery taxes However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the

federal tax on lottery Then there are the state taxes Fourteen states don't levy additional tax on lottery winnings: Alabama, Alaska, California, Delaware, Florida, taxes could further reduce winnings More from Life Changes Millions in lottery proceeds easily put the winner in the top federal