Can Lottery Winnings Be Inherited?

However, large estates, such as those belonging to lottery winners, are often subject to federal estate tax and, where applicable, to state-level estate taxes

The top federal tax rate is 37% for income over $500,000 When it comes to lottery prizes, the first thing that happens after you turn in that

georgia lottery 3 Lottery winnings are not taxed twice Under both the federal and state tax system, they are considered ordinary taxable income You pay tax on your winnings

georgia lottery GEORGIA CODE TITLE 50 STATE GOVERNMENT CHAPTER 27 LOTTERY FOR EDUCATION ARTICLE 3 BONA FIDE COIN OPERATED AMUSEMENT MACHINES § 50-27-70