Mega Millions: How much will you have left after taxes if you win the

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Before the winner receives any of the money, however, the IRS automatically takes 24% of the winnings The rest of the winnings are expected to be paid by the

Unlike salary or professional income where people are allowed to take deductions or allowance, winnings from contests are fully taxable This is A Amount to be withheld The Lottery Department shall withhold Virginia income tax at the rate of % on the proceeds from any lottery prize in excess of

桐谷茉莉 av Right away, 24% of that cash value is withheld for federal taxes and goes to the IRS, TurboTax explains So in this scenario where just one lottery winnings of any amount, unless the prize can be considered income from employment, a business or property, or a prize for achievement