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

taxes taken out of lottery winnings
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Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

According to Section 194B of the IT Act, 1961, a tax rate of 30% is applicable on lottery winnings exceeding Rs 10,000 This is treated 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

monopoly big money reel slot Key Takeaways · You are taxed on anything you win, whether it's cash, an item, a trip, or a service · Winnings are subject to federal and state income taxes  Lottery winnings are considered taxable income for both federal and state taxes · Federal tax rates vary based on your tax bracket, with rates up to 37%