If you win $$$ (lottery, etc.) let's say in the millions, how much of that winning does the IRS get to take away from you? Is it a lower rate if the winnings are lower?
by 
rachael59
ANSWERS: 2
-
Federal tax is around 35%, then you may have state tax as well. See page 80. http://www.irs.gov/pub/irs-pdf/i1040gi.pdf
-
Depends on the amount but roughly 40 percent is gone if you take lump sum.
Thriftymaid RELATED QUESTIONS
Copyright 2023, Wired Ivy, LLC