Taxes on Lottery Winnings: How Much Will You Get

how much taxes do they take out of lottery winnings
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US lottery taxes differ from other countries because winnings are considered taxable income for both federal and possibly state taxes The federal government

Prizes and winnings are always taxable once they are in the winner's possession The reward would be subject to tax according to Section 56 and Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

good poker chips 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, Lottery winnings are considered ordinary taxable income for both federal and state tax purposes That means your winnings are taxed the same as your wages or