Lottery Winnings

us tax on lottery winnings
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In fact, lottery winnings are taxed, with the IRS taking up to 37% Curiously, though, only 24% is withheld and sent directly to the government

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 For winnings over $5,000, the payor must withhold a minimum of 28% for federal withholdings and up to 15% for state withholdings You will pay

how can i buy a lottery ticket online The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn  Lottery winnings are taxable The federal requirements to file information returns and withhold federal income tax from gambling winnings