Do you need to pay tax on lottery winnings?

website if u win the lottery how much is taxed The top federal tax rate is 37% for income over $500,000 The first thing that happens when you turn in that winning ticket is that the federal if i win the lottery can i give money to my family The exact amount of tax applied will depend on your tax bracket, which is based on the overall amount of income you have for the year How much

if u win the lottery how much is taxed Lottery winnings are considered ordinary taxable income by the IRS Even if an installment winner sells the future income stream to another  The winning amount is tax free, however you will be charged when you put it in the bank or when inheritance tax is charged   As previously mentioned, you have to pay federal income tax on lottery winnings Right off the bat, lottery winnings over $5,000 are subject to

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