Taxes on Lottery Winnings for US Expats & Nonresident Aliens

taxes on million dollar lottery   Dan taxes on 2 million dollars lottery winnings

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

The lottery automatically withholds 24% on all prizes over $5,000 for federal taxes For a $1 billion lump sum, that would be $240 million Note For Wednesday's Powerball jackpot, the cash value was $ million Right away, 24% of that cash value is withheld for federal taxes and goes

澤村レイコ The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also This sudden increase in income shoots the winner into the nation's highest tax bracket of 37 percent So, on top of the 24 percent the IRS just