Tallying Up the Taxes on Lottery Winnings - TurboTax

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Our Mega Millions calculator takes into account the federal and state tax rates West Virginia, Wisconsin, Wyoming Calculate Payout Lump SumCash Option

Currently, the Lottery is required to withhold 24% for federal taxes and 4% for state taxes If you win a large prize, it's a good idea to talk —Lottery prizes of less than $600 may be subtracted from federal taxable income A subtraction is not allowed for the first $599 of a prize of $600 or more (

va lottery pick 4 Virginia, West Virginia, Wisconsin Calculate Payout Lump SumCash Option Calculator Gross Payout $610,000 Federal These states do have lottery state taxes but offer the lowest tax rates Colorado, Missouri, Ohio, Virginia