Here's the tax bill for the winning $ Mega Millions ticket

irs lottery tax
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In fact, lottery winnings are taxed, with the IRS taking up to 37% Curiously, though, only 24% is withheld and sent directly to the government

Lottery winnings and tax withheld are reported on IRS Form W-2G, Certain Gambling Winnings Individuals who receive lottery winnings won by Hey Preston, Winners are not double-taxed on lottery winnings By law, we are required to withhold 24% federal and % state taxes on prizes

starting hand poker cheat sheet In New Hampshire, you won't have to pay state tax on your lottery winnings because the state doesn't have an income or sales tax (That's great Regardless of which option the player takes, the IRS takes a minimum 24% federal withholding tax upfront on lottery winnings That's a big