How are Lottery winnings taxed?

federal tax on lottery
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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

Lottery winnings are considered taxable income for both federal and state taxes · Federal tax rates vary based on your tax bracket, with rates up to 37%

federal government grant real facebook lottery winners list Under federal, state and local tax laws and other lottery rules, your fortune will be knocked down a bit Mega Millions is a multi-state lottery

federal tax on lottery Proceeds of lottery prizes shall be subject to Kentucky state income tax Any attachments, garnishments, or executions authorized and issued pursuant to