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Next Mega Millions Drawing
Tomorrow$284,000,000Estimated jackpotWinning numbersMega Millions04/30- 10
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Drawing days Tuesday & Friday at 11pm ET / 8pm PTwww.megamillions.com2 days ago · Jackpot. $257,000,000. State tax (4.8%) - $12,336,000. Federal tax (24%) - $61,680,000. Total tax. - $74,016,000. Net jackpot after tax. $182,984,000. Cash lump sum option. Jackpot. $115,600,000. State tax (4.8%) - $5,548,800. Federal tax (24%) - $27,744,000. Total tax deductions. - $33,292,800.
Mar 27, 2024 · The 2024 federal tax brackets place the Mega Millions jackpot winnings at a 37% tax rate, whether the winner opts for the lump sum or not. That’s because the 37% rate applies to single taxpayers...
To put it simply, you would owe $16,290 in taxes on the initial $95,376 of your income and 24% of the remaining $49,624. Consequently, from your $100,000 lottery winnings, your total federal tax obligation would amount to $28,199.76. State Tax on Mega Million Winnings
Jan 10, 2023 · With a federal tax rate of 37%, a Mega Millions winner would pay a total of $499.5 million in federal taxes and pocket $850.5 million by 2051 if the total $1.1 billion payout was chosen. If the...
Mega Millions Jackpot for Tue, Apr 30, 2024 $257,000,000 $115,500,000; Gross Prize 30 average annual payments of $8,566,667: Cash: $115,500,000 - 24% federal tax - $2,056,000 - $27,720,000 - Add'l federal taxes due (37% final rate) - $1,071,854 - $14,973,188: Subtotal $5,438,812: $72,806,812 - State Tax: Arizona: 2.5% state tax - $214,167 ...
Federal tax rates vary based on your tax bracket, with rates up to 37%. Winning the lottery can bump you into a higher tax bracket. Lottery winnings don’t count as earned income for Social Security benefits. How are lottery winnings taxed under federal and state?
Apr 12, 2024 · How much tax you’ll owe will depend on your existing income and, by extension, your federal tax bracket. It’s a good idea to check with a tax advisor to see how federal and state...
