Do you need to pay tax on lottery winnings?

Do you need to pay tax on lottery winnings? how much of the lottery do you get to keep You'd have to declare any capital gains you make in your tax return Or, as another example, let's say you win a big lump sum of money and you how to know when a slot machine will hit The lottery automatically withholds 24% on all prizes over $5,000 for federal taxes For a $1 billion lump sum, that would be $240 million Note

how to know when a slot machine will hit So if you gifted a million pounds to your family, there would be no 'gift tax' on it This relates to the general rule that you can legally gift however

how much are lottery annuity payments Now that you know the strings attached to a big win, what can you do? With most prizes, you have five options: Keep the prize and pay the tax This is the This Is How Much Lottery Winners Pay In Taxes For those opting for the lump sum option, the payout would immediately be subject to both