Smart tax strategies for lottery winners - Tax Insider

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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

Lottery winnings are considered ordinary taxable income for both federal and state tax purposes Winnings are taxed the same as wages or salaries are, and the The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn

winning virginia lottery numbers 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 Lottery Winnings; Pleads Guilty to Tax Fraud, Dep't Just , usao-sdohprhilliard-man-lies-avoid-taxes-1-million