How much tax is on the money you win in Lotto?
Depending on where you live or where you win, the state may also withhold state taxes. The amount of tax you'll pay overall on Lotto winnings depends on the prize, the state & your other income. State lotteries must issue a federal W-2G form for winnings of $600 or more as of early 2011. Each state must withhold 25% from prizes greater than $5,000 won by U.S. citizens.
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