Winning the Lottery: Dream or Nightmare?

If the cash reward is chosen, the prize amount will drop to $ million after a mandatory federal tax withholding of 24% is applied

Lottery winnings are not taxed twice Under both the federal and state tax system, they are considered ordinary taxable income You pay tax on your winnings

lottery sambad 25_03_24 The top federal tax rate is 37% for income over $500,000 The first thing that happens when you turn in that winning ticket is that the federal

lottery sambad 22723 Lottery wins are subject to a 30% TDS rate However, the TDS rate increases to % (including surcharge and