How are Lottery winnings taxed?
How are Lottery winnings taxed?
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Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting more than $12 million from the annual payments
The 2024 federal tax brackets place the Mega Millions jackpot winnings at a 37% tax rate, whether the winner opts for the lump sum or not That's because the 37 The top tax bracket for the highest earners in this country — which is where winning the lottery would bump the winner — has a 37 percent tax
school lottery This form reports the amount of your Lottery winnings and must be filed with your federal income tax return You should also keep a copy for your records No, winnings are taxed at a flat rate of % They are not taxed at the tax slab rate of the individual Q- When will awards be tax-free?
