What's the Tax on Lottery Winnings?

federal tax rate for lottery winnings
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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

But unluckily, the IRS will take 25% of your winnings right off the bat You may owe an additional 13% for your state and local taxes too; the percentage you

federal tax on lottery The Connecticut Lottery Corporation will withhold Connecticut income tax at the rate of 5% from all payments of reportable Connecticut lottery winnings made to

federal lottery For prizes over $5,000, the Lottery is required to withhold 25% for federal taxes, and 8% for state income taxes For Video Lottery℠ Platinum Series