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

how much tax is deducted from lottery winnings
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However, for the following sources listed below, gambling winnings over $5,000 will be subject to income tax withholding: Any sweepstakes, lottery, or wagering

The winning amount is tax free, however you will be charged when you put it in the bank or when inheritance tax is charged  Regardless of which option the player takes, the IRS takes a minimum 24% federal withholding tax upfront on lottery winnings That's a big chunk

sikkim lottery 1_00 may be deducted from total winnings received during the same tax year PA Lottery Ticket Costs The cost of tickets for the Pennsylvania Lottery purchased on or 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