Your Federal Income Tax for Individuals

irs tax on lottery winnings
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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,

If you win the lottery, it can drastically change your tax bracket According to the IRS, a family's top federal tax rate could increase from 22

irsh lottery How Our Lottery Winnings Taxed? California, unlike some other states, does not levy income tax on lottery tickets purchased within its borders

irs tax on lottery winnings The top federal tax rate is 37% for income over $500,000 The first thing that happens when you turn in that winning ticket is that the federal