How Much Tax is Taken Out of Lottery Winnings?

Answer

The amount of tax taken out of lottery winnings varies from 25 and 28% and depends on the amount of the winnings. For a $10,000,000 lottery win, the taxes owed would be $2,800,000.
Q&A Related to "How Much Tax is Taken Out of Lottery Winnings?"
When you win the lottery you can expect to give Uncle Sam about 20 percent or more of your earning. That's still not bad because if you won a large lump sum you can just pocket the
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As answered at least a zillion times here and part of the databank: How much you pay ultimately depends on your own tax situation and tax rate. There is no specific rate or category
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There is a 28 percent amount taken out of lottery
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1. Gather the W-2G forms that you’ve received with your lottery winnings. If you receive annuity payments, a W-2G Form will be provided with each check. 2. Open a Web browser
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When you win the lottery you can expect to give Uncle Sam about 20 percent or more of your earning. That's still not bad because if you won a large lump sum you ...
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