Mega Millions jackpot hits $ billion How it helps the government

how much does the government take from lottery winnings
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Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home

How to calculate gambling duty ; 1 Totalisator betting in connection with horse racing, 25% x (Amount of bets received - Winnings paid out Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting more than $12 million from the annual payments

online poker slovenija Before the winner receives any of the money, however, the IRS automatically takes 24% of the winnings The rest of the winnings are expected to be paid by the How much the winner could owe in taxes Before seeing a penny of the jackpot, the winner will pay a 24% mandatory upfront federal withholding