Oregon's lottery winner is a billionaire before taxes; how much will

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The federal government will take 24% off the top of lump sum winnings from the Mega Millions jackpot Then it is the state's turn

Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax How winnings are reported to the IRS: Form W-2G · $600 or more if the amount is at least 300 times the wager (the payer has the option to reduce the winnings by

lottery sambad 1.12.23 What do federal taxes look like on a lump sum payment? The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted Right away, 24% of that cash value is withheld for federal taxes and goes to the IRS, TurboTax explains So in this scenario where just one