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

federal tax rate for lottery winnings
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That cuts the winner's take home to $595,308,000 Gambling winnings are subject to mandatory federal withholding taxes, so your lump sum payment

For Pennsylvania and federal income tax purposes, winnings or proceeds from The tax is required to be withheld at the Pennsylvania personal income tax rate in Win $500,000 or more for a single person

starwin777 slot Tax Tip: Before you receive one dollar, the IRS automatically takes 24% of your winnings as tax money You're expected to pay the rest of your tax bill on that In addition, the Lottery is required to report to the IRS gambling winnings that are $600 or more