Lottery And Taxes

federal tax on lottery
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Under federal, state and local tax laws and other lottery rules, your fortune will be knocked down a bit Mega Millions is a multi-state lottery

According to CNN Money, prize money is taxable income; lottery winnings are taxed just like income, and the IRS taxes the top income bracket However, the The winnings are subject to federal income tax withholding The tax withholding rate is 24% for lottery winnings, less the

slot coater California and Delaware do not tax state lottery winnings Arizona and Maryland have separate resident and nonresident withholding That's because lottery winnings are treated as income by the federal government and most states, so the jackpots are subject to state and