Taxes on Lottery Winnings: How Much Will You Get
Taxes on Lottery Winnings: How Much Will You Get
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The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted from your winnings And for a large prize like the Mega
Before the winner receives any of the money, however, the IRS automatically takes 24% of the winnings The rest of the winnings are expected to be paid by the “The IRS is required to withhold 24% from the winnings, but that doesn't mean whoever wins and chooses the lump sum option is done paying taxes,
wheel of prosperity phoenix slot machine Non-US residents who win a lottery prize exceeding $ will have their winnings withheld at a 30%-% rate In addition, state income tax will also be Besides the time-value-of-money discount rate, a lump-sum payout also results in federal tax of 37% on every dollar over $539,900
