How are Lottery winnings taxed?

The prize is taxed if a person takes the annuity option − which is what the advertised jackpot figure represents − or the lump sum A 2018 USA

The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also

if i win a lottery essay When you claim prize amounts of $600

if i won a lottery essay Lottery Winnings FAQs Tags: lottery, winnings, FAQ Q: Are lottery prizes subject to taxation? A: Effective August 13th 2018, lottery winnings are subject