The Morning After: Tax Planning for Lottery Winners

taxes on million dollar lottery
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Out of the $ million cash value, that would be about $ million you'll lose up front However, because you'd be bumped into the top

However, once your prize is in a bank account, any interest earned on your prize is subject to income tax for both you and any gift recipients If you currently

taxes lottery Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no

taxes on lottery winnings in florida If the winner takes the payout, as many do, the federal tax would cut the prize by around $149 million In an estimate from USA Mega, an