Taxes on Lottery Winnings Explained

how much do they tax the lottery
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Regardless of which option the player takes, the IRS takes a minimum 24% federal withholding tax upfront on lottery winnings That's a big chunk

Federal lottery taxes are determined by the income bracket the winnings fall into Currently the two highest income brackets are taxed at 37% 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

slot min depo 5 ribu Winner of Mega Millions $ billion jackpot claims prize in Florida—a state that does not tax lottery winnings Florida is a good place to hit Lottery winnings, considered taxable income, are subject to both federal and state income taxes The Internal Revenue Service imposes a