How much money will you get after taxes if you win the Mega

how much are you taxed on lottery winnings
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The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted from your winnings And for a large prize like the Mega

When it comes to lottery prizes, the first thing that happens after you turn in that winning ticket and get your lump sum is that the federal 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

kerala lottery result 30 6 23 Apply the Tax Rate: Lottery winnings are subject to a flat rate of 30% Calculate the basic tax liability by multiplying the total winnings by Hit the jackpot? Learn how your lottery winnings are taxed Discover key strategies to manage your windfall and financial obligations