How much money will you get after taxes if you win the Mega

website taxes on million dollar lottery That's because lottery winnings are treated as income by the federal government and most states, so the jackpots are subject to state and taxes taken out of lottery winnings Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes,

taxes on million dollar lottery Then there are the taxes The IRS immediately takes 24% of all lottery winnings over $5,000, dropping the total to approximately $335,464,000  If the winner takes the full $ billion in annual installments and tax rates don't change over the next 29 years, an estimated $  Before collecting a dollar of the Mega Millions jackpot, there's a 24% federal withholding Winnings above $5,000 require a 24% mandatory

Share

Share

Link

Turn off sharing Copy link

See all details