Your Mega Million jackpot winnings could vary by more than $100 million depending on where you live.
But the winnings you'd take home could vary by as much as $106 million depending on where you bought your ticket, due to state taxes.
Federal taxes are the same for everyone. Winnings are taxed 24% upfront, although the total tax bill will almost certainly be 37% when you actually file, since you'll likely be in the highest tax bracket. In contrast, taxes on lottery winnings vary widely between U.S. states. They typically range from 3% to 6%, but go up to 10.9% in New York — the most charged by any state participating in the lottery.If you live in any of these states, you will take home the highest payout possible.
If you do happen to win the jackpot, consider hiring a tax professional. They can help you navigate the tax implications, including the best choice of payout and whether you owe out-of-state taxes.CNBC's new online course How to Earn Passive Income Online to learn about common passive income streams, tips to get started and real-life success stories. Register today and save 50% with discount code EARLYBIRD.Landmark $418 million settlement could slash homebuying costs
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mega Millions jackpot rises to estimated $792 million after no one wins $735 million grand prizeThe jackpot for Friday night's Mega Millions drawing will be at least an estimated $792 million after no tickets matched the numbers for Tuesday night's $735 million grand prize.
Read more »
Mega Millions soars to $875 million, Powerball hits $600 millionMega Millions players have a 1 in 302.6 million chance of taking home the jackpot. The chances aren't much better for the Powerball jackpot.
Read more »
Mega Millions jackpot soars to $875 million; Powerball reaches $600 millionIf you're feeling some St. Patrick's Day magic, you might want to buy a lottery ticket. Mega Millions and Powerball have racked up some massive jackpots after weeks of rollovers.
Read more »
Mega Millions ticket worth $1.7 million sold in California as jackpot soars to $977 millionNobody has won the Mega Millions jackpot but someone in California still got pretty close.
Read more »
Mega Millions and Powerball Jackpots Continue to GrowBoth Mega Millions and Powerball jackpots have reached significant amounts after multiple rollovers. The Mega Millions jackpot is currently estimated at $875 million, while the Powerball jackpot stands at $600 million. The last Mega Millions jackpot was won on December 8, 2023, in California, and this is only the sixth time in the game's history that the jackpot has reached such a high amount. The odds of winning the grand prize in Mega Millions are 1 in 302,575,350. Powerball tickets are also available for $2.
Read more »
No Winner Declared in Mega Millions Jackpot Drawing, Prize Balloons to $875 MillionThere has been no winner declared after numbers were drawn for Friday night's Mega Millions jackpot drawing, with the grand prize ballooning after 28 consecutive drawings without a winner to an estimated $875 million for the next drawing on Tuesday.
Read more »