Are lottery winnings taxable in the US? -

tax on lottery winnings usa
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But the federal government counts lottery winnings as income, and so winning a large jackpot will likely move the winner into a higher tax

Winnings are taxed the same as wages or salaries are, and the total amount the winner receives must be reported on their tax return each year Before the winner If you choose to get a lump sum payout for the $ billion, expect $ million in cash, according to the USA Mega website State Farm states

lottery sambad 18.3.24 Depending on your other income and the amount of your winnings, your federal tax rate may be as high as 37% You may also be subject to state When a lottery prize is claimed by a group, family unit, club or other organization, the multiple winners will be required to file an Internal Revenue