Winner Of $ Billion Lottery Gets $ Million After Tax

how much of lottery winnings is taxed
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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 the 37

Federal taxes are the same for everyone Winnings are taxed 24% upfront, although the total tax bill will almost certainly be 37% when you Prize winners pay betting and lottery tax on prizes If you organise a national game of chance and reside or are based in the Netherlands, you can deduct

slot machine slots 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 Gambling winnings are fully taxable and you must report the income on your tax return Gambling income includes but isn't limited to winnings from lotteries,