Special tax on lottery prizes and betting

how much is the tax on lottery winnings
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At the highest tax band, winnings may be taxed by as much as 38% However, there are strategies you can implement to buffer your winnings from

Before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000, CNBC explains Out

how to tell a slot machine is hot Before getting your winnings, you'd have to pay a 24% federal tax withholding, which the IRS requires for winnings over $5,000, CNBC explains

how to predict lottery numbers 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