Income Tax on Awards & Prizes

California None ; Colorado % ; Connecticut % ; Delaware None ; Florida No income tax

While winning the lottery can be exciting, those jackpots can become a tax nightmare if you don't protect your winnings Lottery winnings are taxed as income

lottery asian Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no

lottery 59 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 to