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

taxes lottery winnings
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This form reports the amount of your Lottery winnings and must be filed with your federal income tax return You should also keep a copy for your records

Not all money people use to buy lottery tickets already had taxes taken out of them One of the biggest problems with lottery is most of the New Yorkers, for example, could see their winnings taxed at up to % or more, depending on where in the state they live Only a few states —

slot 198 The CT Lottery is required by law to report and withhold federal income tax on all gambling winnings valued at more than $5,000 (Under certain A single ticket in New Jersey won the $ billion Mega Millions jackpot Here is how much the winner will owe in taxes