Mega Millions lottery winnings: How much do you make after taxes?

if you win 10 million in a lottery how much is taxed
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You'll receive a Form W-2G reporting your winnings, and you must report the money you received from a lottery payout as “Other Income” on your 1040 form If

If you choose the cash option for SuperLotto Plus, Mega Millions and Powerball This can also occur if your payment is delayed into the next tax year for any The payer will deduct 24% from your winnings on the spot if you win above a certain amount · You'll report your winnings and your tax payments when you file

fantasy 5 winning lottery numbers If they choose the $ million cash option, the 24% withholding automatically reduces the prize by about $129 million However, the jackpot Lottery winnings, considered taxable income, are subject to both federal and state income taxes The Internal Revenue Service imposes a