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

lottery prize tax
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The winner's state of residence will also impact their take-home amount as some states like Texas and California don't tax lottery winnings,

All lottery winnings are subject to Federal taxation ; many smaller

lottery sambad 3823 However, once your prize is in a bank account, any interest earned on your prize is subject to income tax for both you and any gift recipients If you currently

lottery age In contrast, taxes on lottery winnings vary widely between states They typically range from 3% to 6%, but go up to % in New York — the