Do you need to pay tax on lottery winnings?
Do you need to pay tax on lottery winnings?
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Whoever wins a Mega Millions jackpot will still take home a good chunk of change, but they can say goodbye to at least 24% of their winnings right away
Before the state of California gives him any of his winnings, 24 percent—$ million—will be withheld and sent directly to the Internal Revenue Service Lottery prizes get taxed under the same rules as regular income tax Whatever prize money you receive during the year is added to your taxable
beste poker online Still, you'll probably owe more when taxes are due, since the top federal tax rate is 37% So a good first step a lottery winner could take is When you win a trip, you are taxed on its fair market value Depending on the sort of holidays you take, the taxes might be as much as you'd normally spend on
