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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?

Question posted by: Dr. Answers

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6 Responses to “Taxes on lottery winning”

  1. wartz Says:

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    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.

  2. Yoho Says:

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    you would only have to pay taxes on the money you make off interest. Million bucks in the bank would make more money at 6% then i make in a year 🙂

  3. Oh Boy! Says:

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    The highest bracket for federal taxes is 35% so you’d pay up to that plus any state and local taxes.

    Once income taxes are paid you would pay tax on the earnings generated by money and would be liable for any estate tax if there was a significant amount of money left when you died.

  4. Jerry BO Says:

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    Yes. On the interest, and when you spend it, and when you
    die, your children will have to pay inheritance tax to get it.

  5. newjerseyguy Says:

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    Not on the after-tax money, but you will on the interest it earns.

  6. Judy Says:

    You wouldn’t pay tax on what you had left of your winnings, but assuming that you got interest for having it in the bank, you’d pay tax on the interest.

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