How Taxes on Lottery Winnings Work

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How Much Are Lottery Winnings Taxed? · 24% withheld from $930 million = $232,200,000 · Additional amount you need to pay with a 37% tax rate: $111,900,000 · Total

However, states with no state income tax, like Florida and Texas, will not tax your lottery winnings And two other states don't tax Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

jackpot block party slot machine How do I calculate lottery lump sum after taxes? · Check how much the lump sum payout differs from the advertised lottery prize However, states with no state income tax, like Florida and Texas, will not tax your lottery winnings And two other states don't tax