Smart tax strategies for lottery winners - Tax Insider

website taxes on million dollar lottery Comments23 ; How Much Do Lottery Winners Pay in Taxes? $ Jackpot! LYFE taxes on $2 million dollars lottery winnings You are taxed on anything you win, whether it's cash, an item, a trip, or a service Winnings are subject to federal and state income taxes Most tangible

taxes on million dollar lottery Then there are the taxes The IRS immediately takes 24% of all lottery winnings over $5,000, dropping the total to approximately $335,464,000  The winner may also face additional taxes from their state of residence, as some states like New York tax lottery winnings at %, while  Whether an assignment of all or part of a lottery ticket is effective to transfer the income tax liability on any winnings depends on when the

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