How are Lottery Winnings Taxed?

How are Lottery Winnings Taxed? lottery tax us Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax lottery winner killed by family What do federal taxes look like on a lump sum payment? The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted

lottery winner killed by family 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 club online Opting for the lump sum will see an initial 24% federal tax withholding, leaving the winner with $ million But the tax cuts don't end Then there are 13 states that don't tax a person's lottery winnings, according to the Tax Foundation and USA Mega, an online multi-state lottery