Do I have to pay taxes every year on lottery winnings?

When you win the lottery, your winnings are considered ordinary taxable income Your prize money is taxed at the same rate as your wages and

Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

dolphinreef slot Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting more than $12 million from the annual payments

does a lottery ticket expire The tax rate will be determined by your income on your federal income tax paperwork So, for instance, if you make $42,000 annually and file as single, your