How much do lottery winners pay in taxes?

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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 Taxes on Lottery Winnings, Raffles, Charity Drawings, and Sweepstakes by Wager Tax on winnings should be reported to you in Box 1 of IRS

triple dragons slot The state of South Dakota does not tax lottery winnings How can I hear Get the latest Department of Revenue news and updates sent straight to your inbox  prizes) is taxable to Wisconsin This includes winnings from the Wisconsin Lottery and out-of-state lotteries See Individual Income Tax