Let's say you won the lottery jackpot or the IRS to take money to win will get the money back when your tax return to file and what is the maximum amount the IRS will take to win, you win the lottery know, when you win a small grocery store to give you money. But if you win big, it goes to the government in my opinion. This explains how the work I need to know, since I started playing the lottery.

 

Comments

  • The amount they withhold is not the tax you owe. You file at the end of the year to see what you owe. But the 20% they take is usually close@

  • You may or may not get the money back.
    Say you win $500, 000 and they withhold $100, 000 (20%).
    Say you have no other income, and are single with no dependents. You declare the 500,000 as income and when you calculate taxes you have a liability of $140, 000. Now you owe the government $40,000.
    On the other hand, say you have no other income, but are married with children, and have various deductions such as medical bills and mortage interest. You declare the 500, 000 as income, but after you calculate your taxes you have a tax liability of 50, 000 dollars. You will get a refund of 50, 000.
    I’m glad to see that you are so hopeful about winning that you are already thinking about taxes….but the answer to your questions is; It depends on each individual’s circumstances.

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