What Is the Tax Rate for Lottery Winnings? - Money

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The federal tax on the lottery is determined by the federal marginal rates, which is 37 percent in the highest bracket In practice, there is a 24 percent

The top federal tax rate is 37% for income over $500,000 The first thing that happens when you turn in that winning ticket is that the federal The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn

slot pagando no cadastro saque free The governing lottery body withholds 24% of the prize automatically, leaving the balance to be paid by the winner, according to Lottery USA If Is Lotto winning tax free? The winning amount is tax free, however you will be charged when you put it in the bank or when inheritance tax (40