Win the lottery? Where you’ll lose the most to taxes
Summary
Winning the lottery can bring a big cash prize, but lottery winnings are often reduced by taxes. The amount you lose to taxes depends on where you live.Key Facts
- Lottery prizes are subject to taxes.
- Tax rates on lottery winnings vary by location.
- Some places take a bigger share of lottery winnings than others.
- The final amount a winner receives can be much less than the announced prize.
- Understanding local tax rules helps lottery winners know how much they keep.
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