How Taxes on Lottery Winnings Work

How Taxes on Lottery Winnings Work how much is federal tax on lottery winnings
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how to apply american lottery That's because when anyone wins the lottery, the IRS withholds 24% of the winnings off the top With a large jackpot, if the winner opted for the lump sum cash

how to beat a slot machine How much are lottery winnings taxed? When you win the lottery, your winnings are considered ordinary taxable income Your prize money is taxed Not all states tax for lottery winnings, Federal does though Federal is entitled to 28% under 500k Over 500k they can take up to like 38% For