Taxes on Lottery Winnings: How Much Will You Get

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The federal government will immediately take $142,824,000 from that cash option Remember, the rest of your federal tax bill comes next

Lottery prizes of $5,000 or more are subject to federal income tax withholding As a result, if you win a jackpot worth that much, 24% of your Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

kaisar slot Even if the full jackpot amount was taxed, the money the IRS will receive would be about $ million based on the 37% income tax rate As of There are also less direct costs that can impact lottery winners and those around them Do lottery winnings count as earned income? The IRS