$ billion Mega Millions: How is the lottery taxed in CA?

Every Mega Millions or Powerball jackpot winner has the option to take cash now in a one-time lump sum or opt for 30 annual payments

Still, you'll probably owe more when taxes are due since the top federal tax rate is 37% So a good first step a lottery winner could take is to

how much is taxed on lottery winnings Here's a look at the actual take-home winnings in every state and Washington, , if you happen to beat the 1 in million odds of winning

how much is a quick pick lottery ticket If you take the lump sum, you will likely be pushed into the top tax bracket of 37% Lottery agencies are generally required to withhold 24% of all winnings