Directive 86-24: Lottery Winnings; Lottery Tickets -

how much do they take out of lottery winnings
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The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also

Taxes take a big bite out of your winnings According to the USA Mega analysis, the annuity would pay out $ million after federal As for state taxes, New Jersey automatically withholds 8% for payouts of more than $500,000, which will cost the winner about another $43

49s irish lottery numbers Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting more than $12 million from the annual payments they are attributable to a trade or business C § 62 Section Taking part in a lottery does not constitute a trade or business even when