Billion-dollar Mega Millions jackpot won't trigger $850M IRS bill

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How winnings are reported to the IRS: Form W-2G The payer must provide you with a Form W-2G if you win: If your winnings are reported on a Form W-2G,

If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% Income tax is withheld at a flat 24% rate from Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

michigan lottery daily spin Starting in 2021 if you elected to itemize deductions on your federal return and deducted wagering losses from casual That's because when anyone wins the lottery, the IRS withholds 24% of the winnings off the top With a large jackpot, if the winner opted for the lump sum cash