Lottery Winnings

Taxes on Lottery & Gambling Winnings: What You Need to Know taxes on million dollar lottery This sudden increase in income shoots the winner into the nation's highest tax bracket of 37 percent So, on top of the 24 percent the IRS just taxes from lottery winnings That's because lottery winnings are treated as income by the federal government and most states, so the jackpots are subject to state and

taxes on 1 million lottery 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