I Won the Lottery! How Bad Are Taxes Going to Be?

I Won the Lottery! How Bad Are Taxes Going to Be? how much do they take out of lottery winnings As for state taxes, New Jersey automatically withholds 8% for payouts of more than $500,000, which will cost the winner about another $43 how much tax do you have to pay on lottery winnings With a large jackpot, if the winner opted for the lump sum cash value, they would be subject to federal income tax at the top tax rate, which is 37% (So after

how much tax do you have to pay on lottery winnings Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by the IRS and most state governments The

how to apply for american lottery In Illinois, lottery winnings are subject to a tax rate of % Whether it's a significant jackpot or a smaller prize, individuals who win the lottery in Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax