The Morning After: Tax Planning for Lottery Winners

irs lottery tax
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Before winners even see a penny of their jackpot, the federal government withholds a mandatory 24% that goes to the IRS The tax applies to

Hi, I'm Thomas, and I work for the IRS If you gamble, you need to know that gambling winnings are generally taxable and must be reported on

irsh lottery The lottery and gaming credit is a credit that provides direct property tax relief to qualifying taxpayers on their property tax bills Lottery proceeds are

irs tax on lottery winnings Assuming the Mega Millions winner in Florida choses the cash option, the IRS will get about $187,992,000 of that right away Come Tax Day, the