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The tool also calculates your tax liability for each option. Mega Millions tax calculator To use it, enter the amount of your Mega Millions winnings, your tax filing status and state of residence.
For the official word on lottery winnings and your federal and state taxes, double check the gambling income rules laid out at IRS.gov, your state taxing authority and contact a CPA or tax ...
Before you see a dollar of lottery winnings, the IRS will take 25%. Up to an additional 13% could be withheld in state and local taxes, depending on where you live. Still, you'll probably owe more ...
The winnings after taxes. According to Lottery Post, Tuesday's winnings after taxes are approximately $591.7 million by the end of 29 years or $280.9 million in cash all at once.
After applying the federal government’s 37% tax and additional state taxes, the annual payout in Missouri and Kansas would start at $13.3 million or $13.2 million, respectively.
There’s a $1.73 billion jackpot for Wednesday’s Powerball drawing. Here’s how much Uncle Sam would get if you won.
State and federal taxes can take out a big chunk of a lottery jackpot win. Longing for the $1.1B Mega Millions jackpot? What taxes would cost a Pennsylvania winner
It’s time to pull out your lucky pair of socks. The Mega Millions Jackpot is $910 million. Here’s a breakdown of what the prize would look like after taxes in Kansas or Missouri.