The COVID-19 pandemic has pushed back the tax filing deadline to July 15th. This will offer individuals and businesses more time to make payments, without risk of interest or penalties. This delay is applicable to individuals owing $1 million or less and corporations owing less than $10 million.
Lottery, and other winnings throughout the year, that are $600 or more are taxed by the IRS. If the money is received as a lump sum, you will pay the full tax amount. If it is drawn out over several years, you will be taxed by what you receive for each calendar year. The federal tax on winnings is 24% when and the local government will also take their own portion for taxes. You can expect to pay between 30-35% of taxes on your winnings.