What are the tax implications of winning money or valuable prizes?

23VAC10-140-282 Withholding on lottery prizes lottery tax us 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 lottery 77 The winner of the lottery jackpot that currently sits at $ billion would expect to pay at least $135 million in federal income taxes if they

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