How are Lottery Winnings Taxed?

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The top federal tax rate is 37% for income over $500,000 When it comes to lottery prizes, the first thing that happens after you turn in that

Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax 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 not That's because the 37

ky lottery pick 3 numbers If you live in PA and buy a lottery ticket in NY, you will have to file a New York return The taxes you pay to NY will be eligible for a credit That's because New York State's income tax can be as high as %, and New York City levies one up to % Yonkers taxes a leaner %