How much will Mega Millions winner get after taxes? $ billion

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Right away, 24% of that cash value is withheld for federal taxes and goes to the IRS, TurboTax explains So if the Powerball winner does select

However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

free igt slot games for fun Then there are the taxes The IRS immediately takes 24% of all lottery winnings over $5,000, dropping the total to approximately $335,464,000 Answer: Lottery payments are subject to tax as ordinary income While there is little you can do to avoid this income tax, there are steps you can take to