Here's the tax bill for the winning $ Mega Millions ticket

And while winning the lottery isn't exactly a reliable career plan, the federal government treats lottery winnings as income Immediately, 24%

Here's the tax bill for the winning $ Mega Millions ticket When it comes to lottery prizes, the first thing that happens after you turn in that winning ticket and get your lump sum is that the federal

And while winning the lottery isn't exactly a reliable career plan, the federal government treats lottery winnings as income Immediately, 24%

federal taxes on lottery winnings Everyone must pay a tax of % with cess, regardless of their regular income, winnings, age, or physical condition, if the winning amount is

You're required to report all of your gambling winnings as income on your tax return, even if you end up losing money overall · You may receive

federal tax rate on lottery winnings Most prize winners pay a fixed federal income tax rate of 24% on their lottery winnings over $ However, if your newfound wealth puts you in the top

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