New Jersey Lottery Questions and Answers -

federal taxes on lottery winnings
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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 tax must be withheld by the Lottery Department on the date of actual or constructive payment, whichever is earlier, as defined in federal Treasury

federal lottery tax calculator Lottery winnings are considered ordinary taxable income by the IRS Even if an installment winner sells the future income stream to another

federal lottery taxes You are then taxed at the appropriate rate based on your income tax bracket It's not quite that straightforward, however… Federal Income Tax