How much will Mega Millions winner get after taxes? $ billion

how are lottery winnings taxed
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Therefore, the payment from the third-party purchaser is considered a payment of gambling winnings and is taxed as ordinary income Accordingly, the amount of

Unlike salary or professional income where people are allowed to take deductions or allowance, winnings from contests are fully taxable This is Hit the jackpot? Learn how your lottery winnings are taxed Discover key strategies to manage your windfall and financial obligations

flintstones slot game Yes, lottery winnings are taxable under state and federal law In Pennsylvania, all lottery winnings are subject to the commonwealth's % While you don't have to report lottery winnings of $600 or less, if you win more than $5,000, the government will hit you with a 24 percent federal withholding