Winner Of $ Billion Lottery Gets $ Million After Tax

irs tax on lottery winnings
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Winning millions will also send you into the highest federal income tax bracket In 2023, that means single filers will pay $174,238 plus 37% of

You cannot net the winnings and losses for tax years 2020 and prior Starting in 2021 if you elected to itemize deductions on your federal return (you did not

irsh lottery Where you purchase your winning ticket matters due to state income and withholding taxes While lottery winnings are subject to state income tax

irs lottery tax The winning cash prize of $747,200,000 after the 24% IRS withholding tax, drops to $567,872,000 But the winner shouldn't spend all that After