Did you win the Mega Millions lottery? Time to think about taxes

taxes on $2 million dollars lottery winnings   Dan taxes on 2 million dollars lottery winnings

The prize money is subject to federal taxes Many states also tax lottery winnings

million after taxes Although federal and state taxes can significantly reduce lottery winnings, there are some benefits to taking the lump 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

poker layout Before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000, CNBC explains Out of Lottery winnings are considered ordinary taxable income for both federal and state tax purposes That means your winnings are taxed the same as your wages or