Do you need to pay tax on lottery winnings?

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Lottery and Gambling Winnings · 5% for Lottery payouts between $10,001 and $500,000; · 8% for Lottery payouts over $500,000; and · 8% for

tax on stupidity , math tax or the oxymoron voluntary tax This is intended to suggest that With a federal tax rate of 37%, a Mega Millions winner would pay a total of $ million in federal taxes and pocket $ million by 2051 if

dear lottery bumper result The winner of the $ billion jackpot has hefty taxes coming IRS withholding takes $187992000 up front, and $101829000 more is due April While you don't have to report lottery winnings of $600 or less, if you win more than $5,000, the government will hit you with a 24 percent federal withholding