Tax Planning for Lottery Winners
Tax Planning for Lottery Winners
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Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax
While there is no getting around the Federal Tax rate that is applied to a lottery win, the rate currently stands at 37%, certain states such as Not only do you have to pay taxes to the federal government on your lottery winnings, you may also need to pay state income taxes as well Not
mega millions hoosier lottery Lottery winnings are considered taxable income for both federal and state taxes Federal tax rates vary based on your tax bracket, with rates up to 37% Winning However, Tennessee is among states which do not levy a tax on lottery winnings, meaning you get to keep more of the winnings The only other
