Tallying Up the Taxes on Lottery Winnings - TurboTax

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federal tax rate for lottery winnings According to the Federal Lottery Law, it is illegal to operate a lottery through the mail or over the telephone A lottery exists when you must pay for a

federal lottery taxes If you win over $5,000 from a Powerball or Mega Millions jackpot, or any lottery game, state lotteries are required to withhold 24% in federal