![]() ![]() ![]() ![]() You will typically owe 40% in gift tax for any cash or property transfers over that amount. You are allowed to give away a total of $12.92 million (for 2023) over your lifetime without paying a gift tax.If your winnings put you in a higher tax bracket, you will owe the difference between the withholding amount and your total tax. Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes.If you take your winnings in an annuity payment plan over the typical period of 29 years, you should receive interest on the jackpot and you may not be in the highest tax bracket each year, depending on the size of your prize and your other income.If you take the lump sum payout of a sizable lottery jackpot, you will likely be pushed into the top tax bracket of 37%. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |