Do you pay tax on lottery winnings?

if you win 10 million in a lottery how much is taxed
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Though there are some states that do not have a state lottery tax withholding, they all must withhold 24% in federal tax on prizes as large as

But if you take the lump-sum cash prize, you'll pay tax twice: on the prize when you win it, and on the income you get by investing it This In addition, the Lottery is required to report to the IRS gambling winnings that are $600 or more, and at least 300 times the amount of the wager State Income

25 6 23 lottery result For example, if a person purchases ten Connecticut Lottery tickets at $1 tax only if they are reportable Connecticut lottery winnings Reportable Whoever wins a Mega Millions jackpot will still take home a good chunk of change, but they can say goodbye to at least 24% of their winnings right away