Lottery Tax Calculator: How It Works, What You Owe

2 million lottery after taxes
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A mandatory federal tax withholding of 24% will be applied to the lump sum, leaving the winner with $ million Depending on the winner's

All winnings over $5,000 are subject to tax withholding by lottery agencies at the rate of 24% This potentially leaves a gap between the After the 24% withholding, the winner could still owe another 13% in federal taxes, or about $70 million

cash 3 georgia lottery winning numbers While lottery winnings aren't taxable, you may be subject to taxes once you've deposited the funds or if you give any winnings as a gift Let's Officials said he chose the lump sum of $ million, and after required state and federal tax withholdings, he took home $858,006 He said