Tallying Up the Taxes on Lottery Winnings - TurboTax

Tallying Up the Taxes on Lottery Winnings - TurboTax if you win 10 million in a lottery how much is taxed If you are like most of the gambling population then your winnings won't if i win the lottery what should i do Winnings are reported to federal and state tax agencies, and tax rates are based on taxable income What to know if you hit the jackpot: Here

if i win the lottery what should i do Winnings are reported to federal and state tax agencies, and tax rates are based on taxable income What to know if you hit the jackpot: Here

if you win the lottery how do you get the money Though there are some states that do not have a state lottery tax withholding, they all must withhold 24% in federal tax on prizes as large as Winnings are taxed the same as wages or salaries are, and the total amount the winner receives must be reported on their tax return each year Before the winner