I Won the Lottery! How Bad Are Taxes Going to Be?

whats the tax on lottery winnings
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While lottery winnings aren't taxable, you may be subject to taxes once you've deposited the funds or if you give any winnings as a gift Let's

Besides the time-value-of-money discount rate, a lump-sum payout also results in federal tax of 37% on every dollar over $539,900 However, if a winner's Connecticut Lottery winnings clearly exceed the high income thresholds (single or filing separately: $500,000; head of household:

jili slot 777 download Lottery winnings are considered ordinary taxable income for both federal and state tax purposes That means your winnings are taxed the same as your wages or Personal Income Tax Prizes received by Massachusetts residents from the Massachusetts lottery or from lotteries, raffles, races, beano or other events of