How are Lottery Winnings Taxed?

That's because when anyone wins the lottery, the IRS withholds 24% of the winnings off the top With a large jackpot, if the winner opted for the lump sum cash

If the winner chooses the lump-sum option, the one-time payment that is made includes only the money on hand from the sale of tickets for the drawing There is

why was the lottery created 50% CASH OPTION: ONE LUMP SUM PAYMENT PRIZE, Annual Payment Before Taxes, Annual Payment After Federal Income Tax Withholding* $1,000,000, $500,000, 380,000

why do poker players wear visors The answer is taxes Lotto winners who take the annuity end up paying much more in taxes than those who opt for the lump sum because they have