How Lottery Winnings are Taxed

federal lottery tax
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If you win more than $5,000, you have to pay a 24 percent federal withholding tax However, depending on your annual earnings and tax deductions, you may get

Mega Millions after taxes The 2024 federal tax brackets place the Mega Millions jackpot winnings at a 37% tax rate, whether the winner opts for the lump sum or

federal lottery tax Lottery winnings that are more than $5,000 get a federal tax of 24 There are also additional federal taxes of about 37% In total

federal taxes on lottery winnings The benefit of the basic exemption limit and income tax slab rate is also not applicable to this income The entire amount received will be