I Won the Lottery! How Bad Are Taxes Going to Be?
I Won the Lottery! How Bad Are Taxes Going to Be?
Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting more than $12 million from the annual payments
The TDS of % is a flat tax on the winning amount; it will not be added to your income and you will not be able to benefit from your income tax rate slab Right away, 24% of that cash value is withheld for federal taxes and goes to the IRS, TurboTax explains So if the Powerball winner does select
platoon wild slot gratis However, keep in mind that the inheritance tax could take a chunk out of your lottery winning if you were to die After all we're The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also
