Lottery Taxes 101: How Much You’ll Owe If You Win Big
“Congrats—you’ve hit the jackpot!” Those five words can launch you into a whole new tax bracket overnight. 🎉 But before you picture an endless stream of luxury cars, remember that lottery taxes can swallow 40 percent—or more—of mega-prizes. In fact, the IRS automatically withholds 24 percent on wins above $5,000, and many states pile on … Read more