Mega Millions lottery: Where does lottery money go in different states?

taxes on $2 million dollars lottery winnings
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Regardless of which option is chosen, it is subject to federal income taxes, with the IRS able to take a minimum of 24% of the winnings

Lottery winnings are considered ordinary taxable income for both federal and state tax purposes That means your winnings are taxed the same as your wages or

taxes for lottery winnings You're required to report all of your gambling winnings as income on your tax return, even if you end up losing money overall · You may receive

taxes from lottery winnings Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes,