Income Tax on Winning Lottery, Game Shows, Awards, and Prizes

Even though each winner will receive $500, each will be subject to Connecticut income tax on that amount because the winnings are reportable Connecticut Lottery

But becoming a Mega Millions or Powerball jackpot winner doesn't change everything If you are the lucky winner, you still have to worry about bills and taxes

do you have to go public if you win the lottery That's one reason the winner should bank some of the money to be sure they have it on April 15th If you add the 24% withholding tax plus the 13

does lottery winnings affect social security_ Still, you'll probably owe more when taxes are due, since the top federal tax rate is 37% So a good first step a lottery winner could take is