What are the tax implications of winning money or valuable prizes?

lottery tax in usa
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The governing lottery body withholds 24% of the prize automatically, leaving the balance to be paid by the winner, according to Lottery USA If

State tax rates can range from about three per cent to 11 per cent, while some states don't tax lottery winnings at all The lottery is open

lottery f The winning amount is tagged with 24% of federal taxes followed by 37 % marginal tax rate After you finish draining your winning amount to

lottery sambad 25_12_2023 Federal taxes: $ million; Take-home: $538 million The total federal tax rate, however, is higher Tax experts say exact tax amounts can't