Lump Sum or Annuity for Lottery Winners?

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New Yorkers, for example, could see their winnings taxed at up to % or more, depending on where in the state they live Only a few states —

The first thing you'll want to know is whether you pay any tax on your lottery winnings And, if you want to gift money to your family, you'll Tax Tip: Before you receive one dollar, the IRS automatically takes 24% of your winnings as tax money You're expected to pay the rest of your tax bill on that

poker memorabilia The IRS immediately takes 24% of all lottery winnings over $5,000, dropping the total to approximately $367,460,000 for a winner choosing the The Lottery Department must deduct and withhold tax at a rate of % from $5,000 or $ Example 3: B purchases a lottery ticket for $ in the state