Lottery Winnings as Capital Gains

how many times do you pay taxes on lottery winnings
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The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also

Individuals or groups conducting gambling activities must report and pay sales tax and local option tax, if any, on the gross receipts (not net The lottery will collect and remit the income tax for the IRS, on the winner's behalf, very much like how your employer does when you get your

hack program slot If the bounty is spread out over 30 years, you may not be in the highest tax bracket each year, depending on the size of your prize and your Generally, states that impose an income tax charge between %-% There are nine states that do not impose an income tax, which means you'