How Taxes on Lottery Winnings Work

taxes on $1 million dollars lottery winnings
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Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

Before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings In Arizona, for example, after all m going to win the million dollars And Carpenter was equally cool five months later when he paid the $400,000 tax bite on his winnings

giochi slot che pagano di piu Your winnings are considered taxable and are added to your ordinary income when taxes are calculated If your earnings are big enough, they can Lottery winnings are considered income and, like most other forms of income, are subject to taxation The Internal Revenue Service