Mega Millions jackpot: How much will the winner pay in taxes

is the lottery taxed
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Lottery For Taxable Year Date Amount All prize winnings in the Virgin Islands Lottery for the taxable year must be included on your income tax return

Gambling winnings are fully taxable and you must report the income on your tax return Gambling income includes but isn't limited to winnings from lotteries, Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting more than $12 million from the annual payments

missouri lottery winners list If you take the lump sum option, there will be a federal tax of 24% on your winnings — about $ million You'd also owe more at tax time, Lottery and Gambling Winnings · 5% for Lottery payouts between $10,001 and $500,000; · 8% for Lottery payouts over $500,000; and · 8% for