Lottery Tax Calculator

federal lottery tax rate
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Fourteen states don't levy additional tax on lottery winnings: Alabama, Alaska, California, Delaware, Florida, Hawaii, Nevada, New Hampshire,

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

federal taxes on lottery winnings The top tax rate for individuals is 37 percent for taxable income above $523,600 for tax year 2021 Most of a lottery jackpot winner's income

federal lottery Millions in lottery proceeds easily put the winner in the top federal income tax For 2023, the 37% rate applies to taxable income of