How much taxes will be due on a US lottery winner after deductions

federal lottery 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

The CT Lottery is required by law to report and withhold federal income tax on all gambling winnings valued at more than $5,000 (Under certain

federal tax rate on lottery winnings The good news is there is no income tax on lottery winnings here in California California is one of the eight states that does not require

federal tax on lottery 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