I Won the Lottery! How Bad Are Taxes Going to Be?

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

Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no

tax on winning 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

tax for lottery winnings Generally, the winner will receive the prize money after TDS at % us 194B is deducted That means the prize distributor will deduct the applicable tax on