Smart tax strategies for lottery winners - Tax Insider

us tax on lottery winnings
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Mega Millions after taxes 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

There are also additional federal taxes of about 37% In total, you'll be paying more than $19 million Your total annual payment in California By default, the IRS will take 24-25% of your winnings and may even withhold some for state taxes if applicable Because gambling winnings are included in

cartas ganadoras del poker However, the IRS will scrutinize shared lottery arrangements and assert gift taxes when such arrangements do not pass muster Tonda Lynn and her relatives found After federal taxes, you'd be left with $ million Then there are state taxes, which range from zero to more than 8 percent depending on