Planning for Lottery Winners, Part 2 of 2
Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax
Jack Whittaker won Powerball's $314 million jackpot It ruined his life 2 million lottery after taxes
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The top federal tax rate is 37% for income over $500,000 When it comes to lottery prizes, the first thing that happens after you turn in that
2 11 23 lottery sambad Lottery winnings are considered ordinary taxable income for both federal and state tax purposes That means your winnings are taxed the same as your wages or