If you win $10 million+ from the lottery, how much are you taxed?

if you win 10 million in a lottery how much is taxed
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You'll still be taxed on your portion of the prize if everyone splits it Make documentation that the entire win is not just yours to avoid gift tax Have a

If you win over $5,000 from a Powerball or Mega Millions jackpot, or any lottery game, state lotteries are required to withhold 24% in federal

if you win the lottery is it tax free The IRS charges a flat rate of 24% on all lottery winnings over $5,000 For example, if you won $1 million, you would pay around $240,000 in

if you win the lottery can you remain anonymous That's because when anyone wins the lottery, the IRS withholds 24% of the winnings off the top With a large jackpot, if the winner opted for the lump sum cash