Mega Millions lottery winnings: How much do you make after taxes?

$ billion Mega Millions: How is the lottery taxed in CA? taxes lottery winnings That's because when anyone wins the lottery, the IRS withholds 24% of the winnings off the top With a large jackpot, if the winner opted for the lump sum cash taxes on $1 million dollars lottery winnings Federal lottery taxes are determined by the income bracket the winnings fall into Currently the two highest income brackets are taxed at 37%

taxes on $2 million dollars lottery winnings New Yorkers, for example, could see their winnings taxed at up to % or more, depending on where in the state they live Only a few states —