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

Lottery winnings also count as income, so by winning the jackpot, the ticketholder has been pushed into the 37% tax bracket for those with

I Won the Lottery! How Bad Are Taxes Going to Be? How much are lottery winnings taxed ? Lottery winnings are subject to federal income tax at a rate of 24%, and some states may also impose their own tax on

Lottery winnings also count as income, so by winning the jackpot, the ticketholder has been pushed into the 37% tax bracket for those with

how to play second chance lottery Right away, 24% of that cash value is withheld for federal taxes and goes to the IRS, TurboTax explains So in this scenario where just one

In contrast, taxes on lottery winnings vary widely between states They typically range from 3% to 6%, but go up to % in New York — the

how to pick winning slot machine US lottery taxes differ from other countries because winnings are considered taxable income for both federal and possibly state taxes The federal government

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