Taxes on Prize Winnings and More!

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

After the 24% withholding, the winner could still owe another 13% in federal taxes, or about $70 million Marginal tax brackets for tax year

how to play straight poker Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no

how much of the lottery is taxed The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn