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

how much lottery after taxes
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The top federal tax rate is 37% for income over $500,000 When it comes to lottery prizes, the first thing that happens after you turn in that

The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn  The federal tax on the lottery is determined by the federal marginal rates, which is 37 percent in the highest bracket In practice, there is a 24 percent

today morning result lottery The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn  If I won today's $550 million jackpot, I'd pay 24% in federal taxes, plus 4% in state taxes What they're saying: It's difficult