Winner Of $ Billion Lottery Gets $ Million After Tax

federal lottery tax
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The withholding of federal or state income taxes, when required, does not affect the calculation of the proceeds from a wager Also, if a person makes multiple

What do federal taxes look like on a lump sum payment? The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted

federal tax rate on lottery winnings Personal Income Tax Facts: Taxpayer Davis, a computer programmer, buys 15 lottery However, since federal law taxes the gain from gambling, Taxpayer Davis may

federal lottery How do lottery taxes work? ; 10% $0 to $11,600 10% of taxable income ; 12% $11,601 to $47,150 $1,160 plus 12% of the amount over $11,600 ; 22