Mega Millions jackpot hits $940 million If you win, here's the tax bill

Mega Millions jackpot hits $940 million If you win, here's the tax bill if you win a million dollar lottery how much is taxed If the lump sum payment is chosen, the prize amount will drop to $ million after a mandatory federal tax withholding of 24% is applied if i win the lottery how much do i get Whoever wins a Mega Millions jackpot will still take home a good chunk of change, but they can say goodbye to at least 24% of their winnings right away

if i win the lottery how much do i get Cash prizes: If you enter a drawing and win $1,000, you've won a cash prize Other ways to win cash prizes could include sweepstakes, a game

if i win the lottery do i pay tax Winnings received are not taxable as they are windfalls and not considered as an income You do not need to declare the winnings in your Income However, there are 13 states that do not collect taxes on residents' lottery winnings So with one winning ticket sold for Wednesday's $