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lottery taxes in texas
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If you take the lump sum payout of a sizable lottery jackpot, you will likely be pushed into the top tax bracket of 37%

How do lottery taxes work? ; 10% $0 to $11,600 10% of taxable income ; 12% $11,601 to $47,150 $1,160 plus 12% of the amount over $11,600 ; 22 The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes

remember gulag slot demo Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax If you win the Powerball and take the lump sum payment, right away, nearly a quarter of it is withheld for federal taxes And you're not off the