Did you win the Mega Millions lottery? Time to think about taxes

what is the taxes on lottery winnings
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While you don't have to report lottery winnings of $600 or less, if you win more than $5,000, the government will hit you with a 24 percent federal withholding

For residents and resident aliens, percent in federal and state withholding taxes is deducted for every Lottery prize over $5,000 Current federal tax law Tax Treatment of Gambling Winnings Other Than State Lottery Winnings ) Effective Date: This publication is effective for taxable years beginning on or after

poker training for beginners The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes Your winnings are considered taxable and are added to your ordinary income when taxes are calculated If your earnings are big enough, they can