Oregon's lottery winner is a billionaire before taxes; how much will

taxes on $1 million dollars lottery winnings
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The lottery automatically withholds 24% on all prizes over $5,000 for federal taxes For a $1 billion lump sum, that would be $240 million Note

Lottery winnings are considered ordinary taxable income by the IRS Even if an installment winner sells the future income stream to another Out of the $ million cash value, that would be about $ million you'll lose up front However, because you'd be bumped into the top

little dragons slot The state of California loses out on hundreds of millions of dollars of potential revenue every year by not taxing lottery winnings From Before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000, CNBC explains Out of