$ billion Mega Millions: How is the lottery taxed in CA?

If you live in one of ten states that don't tax lottery winnings, you're probably off the hook for state income taxes They include: Alaska

$ billion Mega Millions: How is the lottery taxed in CA? “The IRS is required to withhold 24% from the winnings, but that doesn't mean whoever wins and chooses the lump sum option is done paying taxes,

If you live in one of ten states that don't tax lottery winnings, you're probably off the hook for state income taxes They include: Alaska

federal income tax on lottery winnings That's because lottery winnings are treated as income by the federal government and most states, so the jackpots are subject to state and

The federal tax on the lottery is determined by the federal marginal rates, which is 37 percent in the highest bracket In practice, there is a 24 percent

federal lottery tax rate The IRS automatically withholds 30% of net lottery winnings in the US The rate at which the net winnings are ultimately taxed though depends on

Mega Millions after taxes 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