Tallying Up the Taxes on Lottery Winnings - TurboTax

what is the taxes on lottery winnings
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The 2024 federal tax brackets place the Mega Millions jackpot winnings at a 37% tax rate, whether the winner opts for the lump sum or not That's because the 37

Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home While lottery winnings of $600 or less are not reported to the IRS, winnings in excess of $5,000 are subject to a 25 percent federal withholding

michael jackson slot machine locations Lottery winnings are considered ordinary taxable income for both federal and state tax purposes That means your winnings are taxed the same as your wages or Tax Treatment of Gambling Winnings Other Than State Lottery Winnings ) Effective Date: This publication is effective for taxable years beginning on or after