Tax Planning for Lottery Winners

Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket,

Millions in lottery proceeds easily put the winner in the top federal income tax Some states have no income tax or don't tax lottery

lottery result 13 11 23 Lottery winnings are considered taxable income Besides the upfront withholding, your total federal tax rate could be higher—up to 37% If you

lottery sambad 06 01 24 What are the lump sum lottery winnings after taxes? The federal tax on the lottery is determined by the federal marginal rates, which is 37 percent in the