How much money will you get after taxes if you win the Mega

Tax on Winning Game Shows & Lotteries how much is federal tax on lottery winnings Amounts won from a game show or lottery are taxable under Section 56 of the Income Tax Act, 1961 According to Section 194B winnings from lotteries, how many people win the lottery every year The IRS automatically withholds 30% of net lottery winnings in the US The rate at which the net winnings are ultimately taxed though depends on

how are lottery winnings taxed The IRS withholds 25% of your winnings immediately, but you'll pay the rest of the federal income tax you owe when your taxes are next due in