Taxes on Lottery Winnings by State 2024

The federal government automatically takes 24% in tax withholdings on all prizes over $5,000 So, at a cash value of $ million, the federal

A mandatory federal 24% tax withholding would reduce the lump sum earnings to $ million, while a federal marginal rate of up to 37%—

colorado lottery website Great Outdoors Colorado is the state's biggest beneficiary of lottery proceeds We've funded city parks, all the major city trails in the

colorado lottery 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