What Percentage of Lottery Winnings Would be Withheld in Your

LOTTERY SCHEMES AND OTHER PLANS BASED UPON AN ELEMENT OF CHANCE The Commission has continued to move against the sale of candy and other merchandise by lottery

Are prizes taxable? Yes The State of Tennessee does not tax lottery winnings, but prizes are subject to federal income taxes Powerball andor Mega Millions

federal taxes on lottery winnings How much are lottery winnings taxed? If you win nearly a billion dollars in the lottery, you definitely owe federal income tax on it To start, 24% of your

federal tax rate for lottery winnings In fact, most states automatically withhold taxes on lottery winnings over $5,000 However, withholding rates vary