Question by Dr. Answers : How do taxes on lottery winning work ?
I know that when you win a large sum of money in the lottery you have to pay a large amount of taxes, sometimes it can add up to 40% of your winnings. But after paying these taxes, you put the rest of your money in the bank, do you ever have to pay taxes on the money you put in the bank ever again? Best answer:
Answer by wartz
Your winnings are treated as ordinary income just like wages so if you hit the big one, you will pay at the top marginal rates.
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