What You Need To Know About Lottery Taxes

All About Lottery Taxes if you win 10 million in a lottery how much is taxed The prize is taxed if a person takes the annuity option − which is what the advertised jackpot figure represents − or the lump sum A 2018 USA if a slot machine hits will it hit again If you take the lump sum option, there will be a federal tax of 24% on your winnings — about $ million You'd also owe more at tax time,

if you win the lottery can you give money to your family You'll receive a Form W-2G reporting your winnings, and you must report the money you received from a lottery payout as “Other Income” on your 1040 form If