Mega Millions lottery winnings: How much do you make after taxes?

how much tax is deducted from lottery winnings
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Some states have no income tax or don't tax lottery winnings, but others have top-income state tax brackets exceeding 10% Powerball isn't

Gamblinglottery winnings are subject to Michigan individual income tax to the extent that they are included in your adjusted gross income For 2020 and Lottery winnings are considered ordinary taxable income by the IRS Even if an installment winner sells the future income stream to another

lottery number lottery Like all other taxable income, the IRS requires you to report prizes and winnings on your tax return, too That means you might have to pay Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home