So you won the Mega Millions lottery jackpot What happens now?

So you won the Mega Millions lottery jackpot What happens now? tax on lottery winnings california The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes taxes on lottery winnings California: Does not tax lottery winnings at the state level Federal taxes still apply New Hampshire and Tennessee: Don't have general income tax, but they do

taxes on lottery winnings When it comes to lottery prizes, the first thing that happens after you turn in that winning ticket and get your lump sum is that the federal

taxes on 2 million dollars lottery winnings However, California is one of the 13 states that do not collect additional taxes on residents' lottery winnings So how much will Wednesday's “The IRS is required to withhold 24% from the winnings, but that doesn't mean whoever wins and chooses the lump sum option is done paying taxes,