The Morning After: Tax Planning for Lottery Winners

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

taxes on slot machine winnings The Maine State Lottery says the winner chose the cash option, which is a one-time, lump-sum payment of $723,564,144 before taxes, which comes

taxes lottery winnings Lottery sales are already taxed yet they tax your winnings Same way some states make you pay annual property tax for property you were already