How much $ Mega Millions winner takes home after taxes

how much federal tax on lottery winnings
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That's because when anyone wins the lottery, the IRS withholds 24% of the winnings off the top With a large jackpot, if the winner opted for the lump sum cash

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  As per Section 194B of the Income Tax Act, the rate of TDS for lottery winnings is 30%, and health and education cess is charged on the

gg poker schweiz Your winnings are considered taxable and are added to your ordinary income when taxes are calculated If your earnings are big enough, they can Not all states tax for lottery winnings, Federal does though Federal is entitled to 28% under 500k Over 500k they can take up to like 38% For