How Taxes on Lottery Winnings Work

How Taxes on Lottery Winnings Work federal lottery tax
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federal lottery taxes 1 Federal taxes will be owed on lottery winnings The amount of federal tax owed will depend on the amount of money won and the winner's tax

federal lottery tax calculator Lottery winnings that are more than $5,000 get a federal tax of 24 There are also additional federal taxes of about 37% In total federal tax and $500 state tax) and your check or deposit would be $7,100 Exception: If you win a Hot Lotto jackpot, the Lottery will pay the initial