How much money will you get after taxes if you win the Mega

how much tax deducted from lottery winnings
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Hey Preston, Winners are not double-taxed on lottery winnings By law, we are required to withhold 24% federal and % state taxes on prizes

The top tax bracket for the highest earners in this country — which is where winning the lottery would bump the winner — has a 37 percent tax However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the

small poker chips The TDS of % is a flat tax on the winning amount; it will not be added to your income and you will not be able to benefit from your income tax rate slab  No income tax deductions can be claimed on the winning amount When a prize has both a cash and a non-cash component, TDS is deducted from the