Lottery Tax Calculator: How It Works, What You Owe

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While Americans are generally allergic to high taxes, the high tax rates on lottery winnings haven't provoked a public outcry If you win over

Lottery winnings don't count as earned income for Social Security benefits Do lottery winnings count as earned income for Social Security purposes? You must pay federal income tax if you win You'll fall into the highest tax bracket in the year you win if you take the jackpot in a lump sum

stick em slot If you are awarded lottery winnings, an inheritance, or other form of unearned income, your Social Security benefits could be affected  Prizes that are given in a competition or contest are not taxable gambling or lottery winnings if no advantage or inequality in amount or value is offered or