Don't Let the Lottery Ruin Your Life

taxes taken out of lottery winnings
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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

That's because lottery winnings are generally taxed as ordinary income at the federal and state levels In fact

taxes on 100 000 lottery winnings Your lottery winnings are classified as ordinary income, and will be taxed by both the federal and state agencies at the appropriate rate They

taxes on lottery winnings florida The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn