No, the IRS won't take out $ million in taxes from the $

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How much are lottery winnings taxed ? Lottery winnings are subject to federal income tax at a rate of 24%, and some states may also impose their own tax on

Before seeing a penny of the jackpot, the winner will pay a 24% mandatory upfront federal withholding to the IRS If they choose the $ Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

banana drop slot In fact, lottery winnings are taxed, with the IRS taking up to 37% Curiously, though, only 24% is withheld and sent directly to the government  Yes, it's true Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as