Income Tax-Free Tennessee Means That Someone Won the Lottery

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The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes

While there is no getting around the Federal Tax rate that is applied to a lottery win, the rate currently stands at 37%, certain states such as When it comes to lottery prizes, the first thing that happens after you turn in that winning ticket and get your lump sum is that the federal

what is utg in poker If you live in a state with no income tax , you Federal lottery taxes are determined by the income bracket the winnings fall into Currently the two highest income brackets are taxed at 37%