Tax Planning for Lottery Winners

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First, any prizes above $5,000 will be hit at least with a 24% federal tax, regardless of which state you are in The winner may owe additional

Appropriate federal and state income taxes will be withheld regardless of which payment option you choose · The IRS requires the Arkansas Scholarship Lottery to The winnings are subject to federal income tax withholding The tax withholding rate is 24% for lottery winnings, less the

jav.hd That's because lottery winnings are treated as income by the federal government and most states, so the jackpots are subject to state and Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket,