Edwin Castro, $ billion Powerball winner: How he spent lump sum

taxes on $2 million dollars lottery winnings
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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

The IRS charges a flat rate of 24% on all lottery winnings over $5,000 For example, if you won $1 million, you would pay around $240,000 in The tax withholding rate is 24% for lottery winnings, less the wager, for prizes greater than $5,000 An example of the calculation used to determine whether a

lottery jersey The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also You cannot deduct gambling losses that are more than your winnings The Maine State Lottery does not collect non-winning tickets and does not send you a tax