Mega Millions and Powerball jackpots soar to new heights Here's

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Some states also require state tax withholding on lottery winnings But if you win a large jackpot, this won't be all the income taxes you owe

The lump-sum cash payment is about half of the advertised prize amount since you immediately get the money the Lottery would have invested during the next 24 While that annual allowance may sound annoying to a newfound jackpot winner, it can also help protect you What Do You Think?

kerala lottery result kn 503 Taxes take a big bite out of your winnings According to the USA Mega analysis, the annuity would pay out $ million after federal income Depending on how much you win and on your income, you'll then have to pay a further % to make up the total % that's the top income tax