Here's the tax bill for the winning $ Mega Millions ticket

Here's the tax bill for the winning $ Mega Millions ticket federal income tax on lottery winnings And while winning the lottery isn't exactly a reliable career plan, the federal government treats lottery winnings as income Immediately federal taxes on lottery winnings That's because lottery winnings are treated as income by the federal government and most states, so the jackpots are subject to state and

federal taxes on lottery winnings How do lottery taxes work? ; 10% $0 to $11,600 10% of taxable income ; 12% $11,601 to $47,150 $1,160 plus 12% of the amount over $11,600 ; 22

federal income 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, You are then taxed at the appropriate rate based on your income tax bracket It's not quite that straightforward, however… Federal Income Tax