Winning Lottery or a Pension

massachusetts lottery tax
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As a raw estimate - your tax liability is based on your marginal tax rate - thus if you are in 15% tax bracket

The top federal tax rate is 37% for income over $500,000 When it comes to lottery prizes, the first thing that happens after you turn in that Most states charge a tax on lottery winnings The amount initially withheld and how the winnings get taxed depends on your state's tax rate

black diamond platinum slot machine Lottery winnings are considered taxable income Besides the upfront withholding, your total federal tax rate could be higher—up to 37% If you If you have won money in the Massachusetts lottery At Mignanelli & Associates, Ltd , we can help you strategize how to minimize your tax burden and prepare a