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

Federal tax Right off the bat, lottery agencies are required to withhold 24% from winnings of $5,000 or more, which goes to the federal

income tax if the prize payment is includable in your federal adjusted gross income for the tax year If you are a resident of New York City or Yonkers, the

lottery sambad 1_10_23 That's because lottery winnings are generally taxed as ordinary income at the federal and state levels In fact

lottery sambad22 Lottery winnings are considered taxable income for both federal and state taxes · Federal tax rates vary based on your tax bracket, with rates up to 37%