Gambling Personal income types - Franchise Tax Board -

What You Need To Know About Lottery Taxes federal tax rate for lottery winnings 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 not That's because federal lottery First, any prizes above $5,000 will be hit at least with a 24% federal tax, regardless of which state you are in The winner may owe additional

federal tax on lottery winnings 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