Do I need to pay tax on my winnings?

Do I need to pay tax on my winnings? taxes on million dollar lottery In the , all winners have to pay federal taxes before you even see a dollar of your winnings Each state has different rules when it comes taxes on 1 million lottery Yes, lottery winnings can be legally shared with family or friends However, the full amount is initially taxed at 30% before distribution If

taxes on 1 million lottery The top federal tax rate is 37% for income over $500,000 When it comes to lottery prizes, the first thing that happens after you turn in that

taxes on lottery winnings florida When you go lump sum , the govt takes around 40% away from your winnings The cash option is currently 464 million So That's another $ million out of your cash prize, according to an analysis by USA Mega Of course, there are also state lottery taxes