Tallying Up the Taxes on Lottery Winnings - TurboTax

taxes on $2 million dollars lottery winnings
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Tax withholding of 24% amounts to $ million, leaving $ million But the IRS isn't done yet Although only 24% is withheld and sent

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 The largest lottery prize in history, which amounted to more than $2 Investing your lottery winnings If you've defied the odds and won a

free slot machines rainbow riches Want to know more about our games, or winning big prizes, or who decides where Lottery dollars go? This is the place  In total, 36 states impose taxes on lottery winnings The 36 states and their corresponding lottery tax rates are · New York Maryland (