do you pay taxes on lottery winnings every year

do you have to pay taxes on lottery winnings every year
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No If you take the lump sum, you pay federal and state income tax on it for the year in which you won In subsequent years

Meanwhile, other states have tax rates for lottery winnings that generally range from about 3% to almost 11% But in any case, once applicable taxes are taken

do most lottery winners go broke Lottery winnings are taxed for the year in which they are collected, allowing winners who choose annuities to spread out the tax bill If you win a house, boat,

domnitors deluxe slot How it works: Ohio lottery winnings over $600 are taxed as income If I won today's $550 million jackpot, I'd pay 24% in federal taxes, plus 4%