Mega Millions Jackpot Hits $875 Million: Here's What The Winner

Mega Millions Jackpot Hits $875 Million: Here's What The Winner what are federal taxes on lottery winnings All lottery winnings are subject to Federal taxation (automatically reported taxes The IRS requires a minimum withholding of 24% of the prize what lottery is playing tonight The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also

what lottery is playing tonight While lottery winnings of $600 or less are not reported to the IRS, winnings in excess of $5,000 are subject to a 25 percent federal withholding

what is the largest lottery jackpot You're required to report all of your gambling winnings as income on your tax return, even if you end up losing money overall · You may receive Federal income tax refunds; State income tax refunds; State Lottery winnings; Funds from unclaimed property If you believe the amount withheld was incorrect