Illinois Lottery Calculator, Gambling Winnings Taxes

if you win 10 million in a lottery how much is taxed
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Lottery prizes are taxable If you win more than $600 it will be reported to federal and state tax agencies If you win more than $5,000, taxes

The winning amount is tagged with 24% of federal taxes followed by 37 % marginal tax rate After you finish draining your winning amount to Although I am not a tax professional, and in this case you would be better off with a professional advice, my understanding (at least of

demo slot aztec pg soft In practice, there is a 24 percent federal withholding of the gross prize, plus the remaining tax, based on your filing status For example, if your gross prize But if you take the lump-sum cash prize, you'll pay tax twice: on the prize when you win it, and on the income you get by investing it This