Winner Of $ Billion Lottery Gets $ Million After Tax

what percent of lottery winnings go to taxes
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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 silver lining is that lottery agencies typically withhold 24% of winnings over $5,000 immediately, which could help offset some of the tax Section 194B of the Income Tax Act governs lottery winnings taxation in India This rate does not change according to the amount won or the

7 online lottery Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by the IRS and most state governments The 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