How are Lottery Winnings Taxed?

is lottery tax free
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is lottery tax free Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no  You do not have to report certain non-taxable amounts as income, including the following: lottery winnings of any amount, unless the prize  Lottery winnings are considered taxable income for both federal and state taxes · Federal tax rates vary based on your tax bracket, with rates up to 37%

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