Here's the tax bill for the winning $ Mega Millions ticket

federal tax lottery winnings
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Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by the IRS and most state governments The

If you win more than $5,000, you have to pay a 24 percent federal withholding tax However, depending on your annual earnings and tax deductions, you may get The IRS gets $187,992,000 of that right away, since the tax law require 24% federal income tax withholding that is sent directly to the IRS

bet365 slot games Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes, The federal tax rate that is paid as a non-resident winner is 30% on payouts above USD $600 The state tax can vary slightly as they are set locally US taxes