I Won the Lottery! How Bad Are Taxes Going to Be?

lottery calculator taxes
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The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes

However, the eventual distributions during a future tax year are subject to ordinary income taxes When used as a form of retirement savings, these annuities

lottery play 3 Taxes take a big bite out of your winnings According to the USA Mega analysis, the annuity would pay out $ million after federal income

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