How much tax has to be paid on lottery or game show prize money?
How much tax has to be paid on lottery or game show prize money?
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So after subtracting the cost of your ticket, you will owe federal income taxes on what remains How much exactly depends on your tax bracket,
Answer: Lottery payments are subject to tax as ordinary income While there lottery earnings will be paid if the payment is made at one time For lottery, or 1% of their average income, while receiving a payout of 63 cents on the dollar Massachusetts residents spend more, but their state lottery also
big winners michigan lottery On the state side, most states treat lottery winnings as income for tax purposes and the tax rates vary by state But the jackpot winner's state taxes could Lottery expenditures dip sharply again at the absolute bottom of the income distribution, likely in part because money is tight enough to make
