Tax Planning for Lottery Winners
Tax Planning for Lottery Winners
Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax
How much are lottery winnings taxed ? Lottery winnings are subject to federal income tax at a rate of 24%, and some states may also impose their own tax on Federal tax Right off the bat, lottery agencies are required to withhold 24% from winnings of $5,000 or more, which goes to the federal
postcode lottery winning Federal tax Right off the bat, lottery agencies are required to withhold 24% from winnings of $5,000 or more, which goes to the federal If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% If you didn't give the payer your tax ID number, the withholding
