Lottery Tax Rates Vary Greatly By State

federal income tax on lottery winnings
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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

The same is true at the state level While lottery winnings are subject to state income tax in most states, withholding tax varies from zero (

federal tax lottery winnings the IRS means the Internal Revenue Service Gambling winnings means and includes proceeds from a wager placed in a sweepstakes, wagering pool, or lottery (other

federal tax rate for lottery winnings Depending on your other income and the amount of your winnings, your federal tax rate may be as high as 37% You may also be subject to state