Won the lottery? What to do if you take home the Lotto 649 jackpot

do you get taxed on the lottery
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The IRS automatically withholds 30% of net lottery winnings in the US The rate at which the net winnings are ultimately taxed though depends on

The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket,

kerala lottery result chart 2023 download Such gains are subject to taxation under the Income from Other Sources heading Taxes that are due must be paid, or else fines and legal 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