Winner Of $ Billion Lottery Gets $ Million After Tax

If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% Income tax is withheld at a flat 24% rate from

If the winner takes the payout, as many do, the federal tax would cut the prize by around $149 million The lottery tracking group estimated a

federal lottery taxes If you add the 24% withholding tax plus the 13% extra tax the winner will pay April 15th together, you get a federal tax of $289,821,000 Check

federal tax on lottery winnings Millions in lottery proceeds easily put the winner in the top federal income tax For 2023, the 37% rate applies to taxable income of