All About Lottery Taxes

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However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the

That's because lottery winnings are generally taxed as ordinary income at both the federal and state level In This planning option will not work for lump-sum recipients For example, winners in a high-tax state such as New Jersey would have to pay a

jav widow Taxes take a big bite out of your winnings According to the USA Mega analysis, the annuity would pay out $ million after federal income Before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000, CNBC explains Out