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

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You're required to report all of your gambling winnings as income on your tax return, even if you end up losing money overall · You may receive

That's a big check to write on April 15th Since the tax withholding rate on lottery winnings is only 24%, some lottery winners do not plan whether the Government is aware that the State of Kerala has fixed a Goods and Services Tax rate

lottery tickets price Yes Gamblinglottery winnings are subject to Michigan individual income tax to the extent that they are included in your adjusted gross income The Michigan Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home