Congratulations, You Just Won a Jackpot! Now Pay Up! -

Congratulations, You Just Won a Jackpot! Now Pay Up! - federal income tax on lottery winnings State lottery winnings are reportable to the IRS where the State agency conducting the lottery requires a winner to complete federal Form W-2G, Certain Gambling federal tax lottery winnings 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

federal tax lottery winnings The first thing that happens when you turn in that winning ticket is that the federal government takes 24% of the winnings off the top But the

federal tax rate for lottery winnings How much exactly depends on your tax bracket, which is based on your winnings and other sources of income, so the IRS withholds only 25% You'll Any payout over $5,000 after deducting the cost of the wager will automatically have 24% withheld for federal taxes The actual rate at which