Taxes on Lottery Winnings by State 2024

taxes on $2 million dollars lottery winnings
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The tax withholding rate is 24% for lottery winnings, less the wager, for prizes greater than $5,000 An example of the calculation used to determine whether a

Regardless of which option is chosen, it is subject to federal income taxes, with the IRS able to take a minimum of 24% of the winnings  The IRS charges a flat rate of 24% on all lottery winnings over $5,000 For example, if you won $1 million, you would pay around $240,000 in

ohio lottery ohio lottery m going to win the million dollars And Carpenter was equally cool five months later when he paid the $400,000 tax bite on his winnings  Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes,