Tax Planning for Lottery Winners

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Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

That's because lottery winnings are generally taxed as ordinary income at the federal and state levels In fact

lottery wed One way to avoid taxes on lottery winnings is to donate the money to charity Charitable donations are tax-deductible, which means that you can

lottery fatafat US Mega Millions - Lottery prizes are subject to taxation at source There are three tax bands Tax Band 1: Tax-free up to $ Tax Band 2: Any prize