I Won the Lottery! How Bad Are Taxes Going to Be?

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Was viewing the McMillions show about the McDonalds Monopoly game extortion, and one of the champs referenced they would get the $1m prize as $50k every

Most prize winners pay a fixed federal income tax rate of 24% on their lottery winnings over $5,000 Federal prize withholdings are calculated on the amount of Reporting Gambling Winnings You'll report the income and the taxes already paid on it under Other Income on your Form 1040 tax return when you prepare

linda slot The federal government will immediately take $142,824,000 from that cash option Remember, the rest of your federal tax bill comes next Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher