How Taxes on Lottery Winnings Work

calculate lottery winnings after taxes
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When you win the lottery, your winnings are considered ordinary taxable income Your prize money is taxed at the same rate as your wages and

How do lottery taxes work? ; 10% $0 to $11,600 10% of taxable income ; 12% $11,601 to $47,150 $1,160 plus 12% of the amount over $11,600 ; 22

calculate lottery odds Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

calculateur poker Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home