Powerball Jackpot Winner Will Get a Hefty Tax Bill

if you win a million dollar lottery how much is taxed
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if you win a million dollar lottery how much is taxed If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% Income tax is withheld at a flat 24% rate from  Taxes take a big bite out of your winnings According to the USA Mega analysis, the annuity would pay out $ million after federal income  Whoever wins a Mega Millions jackpot will still take home a good chunk of change, but they can say goodbye to at least 24% of their winnings right away

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