I Won the Lottery! How Bad Are Taxes Going to Be?
I Won the Lottery! How Bad Are Taxes Going to Be?
Like all other taxable income, the IRS requires you to report prizes and winnings on your tax return, too That means you might have to pay
Winning the lottery could push you into a higher tax bracket, and the highest bracket is 37% if you make over $518,400 in 2020 But remember Winnings are taxed the same as wages or salaries are, and the total amount the winner receives must be reported on their tax return each year Before the winner
online poker real money illinois Hence, the sale of lottery tickets would be considered to be the supply of taxable goods and will attract GST on Lottery sales In case of supply of lottery 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
