Les asked:


How are you taxed when you win the lottery?
I know 28% must be withheld from your winnings for federal income tax purposes, but are you also subject to an additional 39% for being in the millionaire tax bracket? The way I understand it is that the 28% counts towards you 39% tax bracket so you would only need to pay an additional 11%…. Someone explain please.
@tro Can you go into more depth? What am I looking at here a 39% tax for the year or a 67% tax?

Lance

funforeverrr asked:


Just wondering how state lottery pays people who win the jackpot? Do they give them the checks upon receiving the winning ticket?

Elvera

anonymous asked:


I am an 18 year old student. My aunt bought a winning ticked for the florida Play-4 lottery, $800.00. She asked me to use my information to cash in the ticket. When I did, i received a W2-G form, and it said total income $800.00 with no taxes taken out of it. How will this affect when I file for my regular income tax next month? Thank you in advance.

Kathi

indrep33 asked:


And if you have won the lottery, do you get back more or less money?

Kien-Nghiep

Chef Billiardini asked:


Ok, I just won $888 dollars on the New York lotto “Straight Eights” scratchoff game. I am wondering about how much to expect be taken out in taxes. Also, I am wondering if I’m better off giving them my social security # and claiming the taxes on income tax or just having them take the taxes out right there.

Anabella

lightning_thunderwolf asked:


Would it be best to take a lump sum payment or take it over a long term for a lotto player that is in his 30s?

Cassey