Florida Lottery Ticket Wins $ Billion, $ Million After Taxes

how much tax is taken from lottery winnings
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The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted from your winnings And for a large prize like the Mega

The top federal tax rate is 37% for income over $500,000 When it comes to lottery prizes, the first thing that happens after you turn in that Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

black poker chip png When did this law take effect? A The law was effective July 1, 2009 and Where should I report taxable New Jersey Lottery winnings on my tax return? The current TDS rate on such winnings is 30%, with the total tax liability, including surcharge and cess, amounting to % Winning award