Do you need to pay tax on lottery winnings?

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The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn

Lottery winnings are subject to federal and sometimes state taxes If you win big, plan for the taxes ahead of time Updated May 24, 2024

after lottery calculator There's a previous study out there about how previous lottery winners end up poor after winning — you don't want to become a statistic In

after winning the lottery 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