Can Lottery Winnings Be Inherited?

lottery payout after taxes
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After these taxes are levied on the $ billion, the winner could be left with $ million of the total amount, according to CNBC Then

Lottery winnings are not taxed twice Under both the federal and state tax system, they are considered ordinary taxable income You pay tax on your winnings

lottery sambad 25224 The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes

lottery sambad 15 10 23 Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket,