Mega Millions lottery winnings: How much do you make after taxes?
Mega Millions lottery winnings: How much do you make after taxes?
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Winnings are taxable in the year the taxpayer receives or has a right to receive the money Example: A Massachusetts resident who wins the Big Money Game
The Lottery Department shall withhold Virginia income tax at the rate of % on the proceeds from any lottery prize in excess of $5,000 The tax shall be Connecticut imposes a tax rate of % on lottery winnings Whether it's a multimillion-dollar jackpot or a smaller prize, individuals who win the lottery in
how to buy lottery tickets 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 The current TDS rate on such winnings is 30%, with the total tax liability, including surcharge and cess, amounting to % Winning award
