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

federal lottery taxes
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Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

If your prize is over $5,000, the IRS requires the payor to withhold 28% for federal taxes In addition to federal tax on lottery winnings, your

federal tax rate on lottery winnings Forbes highlighted that since gambling winnings necessitate obligatory federal withholding taxes, the lump sum payment is subject to a

federal tax rate for lottery winnings What do federal taxes look like on a lump sum payment? The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted