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

Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket,

The top federal tax rate is 37% for income over $500,000 When it comes to lottery prizes, the first thing that happens after you turn in that

taxes on lottery winnings calculator California lottery We do not tax California Lottery or Mega millions Visit Schedule CA Instruction 3s for more information How to report

taxes on lottery winnings texas While you don't have to report lottery winnings of $600 or less, if you win more than $5,000, the government will hit you with a 24 percent federal withholding