IP 200218 Connecticut Income Tax Treatment of State Lottery

federal lottery tax
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Question: My husband and I recently won the grand prize from my State's lottery Can you provide some guidance on how we will be taxed on our lotto winnings

The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn

federal tax rate for 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 On prizes over $5,000, the Oregon Lottery withholds at least 24% for federal taxes and 8% for state taxes before paying the winner Oregon's