Mega Millions lottery winnings: How much do you make after taxes?

do you pay income tax on lottery winnings
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Have you ever wondered… how does India tax lottery winnings? You will be surprised to know that there is a 3% tax paid to improve education

Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket, Such gains are subject to taxation under the Income from Other Sources heading Taxes that are due must be paid, or else fines and legal

poker hierarchy For prizes over $5,000, the Lottery is required to withhold 25% for federal taxes, and 8% for state income taxes You may wish to consult a tax advisor if you Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting more than $12 million from the annual payments