Is it true that you pay tax on lottery wins

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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

If the lump sum payment is chosen, the prize amount will drop to $ million after a mandatory federal tax withholding of 24% is applied  Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket,

slot seabank As per the Income Tax rules, money won in a lottery or any competition is taxable You will have to pay a flat 30 per cent of the winning amount The lottery calculator below will help you estimate the amount of tax that may be withheld on lump-sum lottery winnings Enter the amount won