How do taxes on lottery winning work?
Dr. Answers asked:
I know that when you win a large sum of money in the lottery you have to pay a large amount of taxes, sometimes it can add up to 40% of your winnings. But after paying these taxes, you put the rest of your money in the bank, do you ever have to pay taxes on the money you put in the bank ever again?
Kassi
I know that when you win a large sum of money in the lottery you have to pay a large amount of taxes, sometimes it can add up to 40% of your winnings. But after paying these taxes, you put the rest of your money in the bank, do you ever have to pay taxes on the money you put in the bank ever again?
Kassi
Posted in Other - Taxes • 6 Comments »