How much money will you get after taxes if you win the Mega

How much money will you get after taxes if you win the Mega how much after taxes lottery Federal Tax on Lottery Winnings · Federal withholding rate for gambling income: 24% · Federal income tax brackets for 2022: If income is $10,275 how do you pick lottery numbers Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

how do you pick lottery numbers The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes

how to play ny lottery online Lottery winnings, considered taxable income, are subject to both federal and state income taxes The Internal Revenue Service imposes a Right away, 24% of that cash value is withheld for federal taxes and goes to the IRS, TurboTax explains So in the scenario