Are there any tax implications if one person buys a lottery ticket and

taxes lottery winnings
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That's because when anyone wins the lottery, the IRS withholds 24% of the winnings off the top With a large jackpot, if the winner opted for the lump sum cash

How winnings are reported to the IRS: Form W-2G The payer must provide you with a Form W-2G if you win: If your winnings are reported on a Form W-2G, federal Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting more than $12 million from the annual payments

big slot 288 A single ticket in New Jersey won the $ billion Mega Millions jackpot Here is how much the winner will owe in taxes  It's very important to pay the necessary taxes on lottery or prize money winnings in order to prevent fines and other legal repercussions Such