How are Lottery Winnings Taxed?

if you win a million dollar lottery how much is taxed
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However, there are 13 states that do not collect taxes on residents' lottery winnings So if you were to win Saturday's $875 million Powerball

The IRS charges a flat rate of 24% on all lottery winnings over $5,000 For example, if you won $1 million, you would pay around $240,000 in you receive from a prize draw or lottery run by your: If you win prizes as a game show contestant, you only declare prizes you win if you receive regular

link idn poker A mandatory federal tax withholding of 24% will be applied to the lump sum, leaving the winner with $ million Depending on the winner's If they choose the $ million cash option, the 24% withholding automatically reduces the prize by about $129 million However, the jackpot