Tax on Winning Game Shows & Lotteries

what is the tax rate on lottery winnings
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Regardless of which option the player takes, the IRS takes a minimum 24% federal withholding tax upfront on lottery winnings That's a big chunk

So, when you take the cash option, you will end up with $374,954,812 after federal taxes Now it is the state's turn State tax rates on lottery All prize winnings in the Virgin Islands Lottery for the taxable year must be included on your income tax return as “Miscellaneous Income” The full tax must be

jugar al poker sin dinero The payer will deduct 24% from your winnings on the spot if you win above a certain amount You'll report your winnings and your tax payments when you file your However, the jackpot pushes the winner into the top federal tax bracket, which is 37% for 2024, Campo said After the 24% withholding, the