Lottery Tax Calculator: How It Works, What You Owe

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

A winner who chooses the annuity option would receive an initial payment and then 29 annual payments that rise by 5% each year Opting for an

double deuce poker With the lump sum, for example, you'll see a large chunk of it withheld for taxes Every state is required to withhold 25% in a federal lottery

double diamonds slot Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax