I Won the Lottery! How Bad Are Taxes Going to Be?

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New Jersey is among the highest state tax rates ultimately taking % of the prize The winnings after taxes According to Lottery Post,

The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted from your winnings And for a large prize like the Mega Shareholders, partners, or members in pass-through entities receiving income from gambling or lottery activities are subject to personal income tax on their

hikari aozora 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 Lottery winnings and Inheritance Tax If you win the lottery, the money you win becomes part of your estate That means that if you pass away,