Smart tax strategies for lottery winners - Tax Insider

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Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

Good question If you're wondering if you have to pay tax on lottery winnings then guess what, you've come to the right place! An immediate deduction of $187,992,000 is taken by the IRS due to the requirement in tax law for a 24% federal income tax withholding, which is

lottery sambad 21 5 24 How much tax on a $ billion lottery win? · Federal taxes: $ million · Take-home: $538 million Lottery winnings also count as income, so by winning the jackpot, the ticketholder has been pushed into the 37% tax bracket for those with