23 Jan 2024 ... You do not have to report certain non-taxable amounts as income, including the following: lottery winnings of any amount, unless the prize ...Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes. If your winnings put you in a higher tax bracket, you will owe the difference between the withholding amount and your total tax. You are allowed to give away a total of $12.92 million for 2023 or $13.61 million for 2024 over your lifetime without ...Before you even receive any of your lottery winnings the IRS will take 24% in taxes. - $146,400. Colorado Taxes (4%) Read Explanation. Each state has local additional taxes. For Colorado this is an additional 4%. - $24,400. Net Payout. $439,200.Mega Millions Payout and Tax for Foreign Players. In the case that you are a foreigner who has purchased a Mega Millions ticket locally, you will have almost the same treatment. The federal tax for foreigners in the United States is 30% instead of 24%, which will decrease your payment a bit more. If you are playing Mega Millions through online ...That means your winnings are taxed the same as your wages or salary. And you must report the entire amount you receive each year on your tax return. For example, let’s say you elected to receive your lottery winnings in the form of annuity payments and received $50,000 in 2018. You must report that money as income on your 2018 tax return.The IRS charges a flat rate of 24% on all lottery winnings over $5,000. For example, if you won $1 million, you would pay around $240,000 in taxes on those winnings. ... Bet Texas has a useful tax ...Importing goods from other countries can be an exciting venture for businesses and individuals alike. However, it is crucial to understand the process and associated costs, such as...Are you looking for a chance to win a new home in Massachusetts? If so, you’re in luck. The state of Massachusetts is hosting an upcoming housing lottery that could be your ticket ...Initial (1st) Payment (after Taxes): 10th Payment (after Taxes): 20th Payment (after Taxes): Final (30th) Payment (after Taxes): If winning the lottery is still just a dream, then you’ll know that the odds of your ticket winning certainly aren’t great. But buying lottery tickets online as part of a Mega Millions pool allows you to play 30 ...Tax Paid on Gambling Winnings. $ 0. Calculate Total After Taxes. You Keep From Your Gambling Winnings. $ 0. Note: Tax calculator assumed a standard deduction of $12,400 (single)/$24,800 (married) and does not include any municipal/local taxes. Deposit Match up to $1,000 + $25 On The House. Bonus Code: PENNBONUS. …Apr 7, 2024 · 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 value, they would be subject to ... Lottery Winners Face Tax Issues. It’s also important to factor in state and federal taxes when making a decision on which option to take. If you fall into the highest federal tax bracket you will have to pay a 37% tax rate. Lottery agencies will generally withhold 24% of any lottery winnings of more than $5,000 for federal taxes.Running a business involves many responsibilities, and one important aspect is managing payroll taxes. Payroll tax calculations can be complex and time-consuming, but with the help...For prizes between $600 and $5,000, you do not owe any federal tax but you are still required to report your winnings on a federal income tax form. As well as federal withholding, you will also owe state taxes on prizes above $5,000 in most participating jurisdictions. The only states which do not tax prizes are South Dakota and Tennessee.Federal lottery taxes are determined by the income bracket the winnings fall into. Currently the two highest income brackets are taxed at 37% for incomes over $578,125 and 35% for incomes over ...Here are the things you need to do: Visit the nearest PCSO-authorized lotto outlet. Buy your ticket and select your preferred combination of six numbers. Alternatively, you can select Lucky Pick (LP) on your ticket. Through this, the computer will generate six random numbers on your behalf.Welcome to the best lottery annuity calculator that calculates the 30 years payout options on the basis of your lottery winnings. In the calculation, the federal tax and state tax also take into account. But, if you choose an annuity option, then you collect almost the same amount as much in the advertised jackpot. The entire amount received will be taxable at the flat rate of 31.20%. For instance, if Rahul has won Rs 3 lakhs as prize money from a game show and has an interest income of Rs 5 lakhs p.a., then the tax liability would be calculated as follows: Tax on Rs 3 lakhs @ 31.2% Tax on Rs 5 lakhs as per income tax slab rates after claiming the ... 30% of lottery winnings are subject to income tax. Surcharge equals 15% of the income taxes paid if the amount is greater than one billion, one hundred million, or one million. 3% of the surcharge and also the revenue tax amount is the Education Cess (EC) and Secondary & Higher Education Cess (SHEC). The surcharge is between 0.15 … For our calculations we’re using an average reduction amount of 39%. - $390,000. Federal Taxes (24%) Read Explanation. Before you even receive any of your lottery winnings the IRS will take 24% in taxes. - $146,400. New York Taxes (8.82%) Read Explanation. Each state has local additional taxes. If you are a U.S. citizen and do not have a Social Security number, the IRS requires the Florida Lottery to withhold 30% federal withholding tax on prizes of $600 or more. The IRS requires the Florida Lottery to report all winnings of $600 and above for U.S. citizens and resident aliens. For non-resident aliens, the IRS requires the Florida ...Probably much less than you think. The state tax on lottery winnings is 6% in Kentucky, which you'll have to pay on top of the federal tax of 25%. There might be additional taxes to pay, the exact amount of these depends on the size of the jackpot, the city you live in, the state you bought the ticket in, and a few other factors.The withholding rates for gambling winnings paid by the New Jersey Lottery are as follows: 5% for Lottery payouts between $10,001 and $500,000; 8% for Lottery payouts over $500,000; and. 8% for Lottery payouts over $10,000, if the claimant does not provide a valid Taxpayer Identification Number. New Jersey Income Tax withholding is based on the ...The state tax on lottery winnings is 7.6499999999999995% in Wisconsin, which you'll have to pay on top of the federal tax of 25%. There might be additional taxes to pay, the exact amount of these depends on the size of the jackpot, the city you live in, the state you bought the ticket in, and a few other factors.22 Feb 2024 ... This same tax rate is applicable for state lottery winnings over $600 as well. Any income in the state overall totaling more than $8,968 is ...Massachusetts taxes ordinary income at 5%. This means there is not a set gambling tax rate in MA. It will be treated differently than your income, but the rate will depend on your overall taxable income. You should keep any documentation you receive from a sportsbook, especially pertaining to a loss.Probably much less than you think. The state tax on lottery winnings is 0% in Texas, which you'll have to pay on top of the federal tax of 25%. There might be additional taxes to pay, the exact amount of these depends on the size of the jackpot, the city you live in, the state you bought the ticket in, and a few other factors.Everyone dreams of winning the lottery someday. It’s a fantasy that passes the time and makes a dreary day at the office a little better. What are your odds of getting the winning ...Are you looking for a chance to win a new home in Massachusetts? If so, you’re in luck. The state of Massachusetts is hosting an upcoming housing lottery that could be your ticket ...This income is still taxable, so you will owe taxes on Mega Millions, Powerball, and other lotteries and will take home your winnings after taxes. By ...The estimated cash jackpot when the advertised jackpot is $20,000,000. $9,195,592. Withholding (24%) Federal tax. Select your tax filing status. -$2,206,942. Arizona (4.8%) State tax. The estimated amount of state tax you will pay on a cash jackpot win of $9,195,592.Lottery Current is an independent lottery results, scanner and expense provider and is neither endorsed, affiliated nor approved by any state, multi-state lottery operator or organization whatsoever. All trademarks remain the property of their rightful owners and used for informational purposes only.... taxes on gambling winnings. Amongst the ones who do, only a few extend this purview to include lottery winnings and gambling profits. Others restrict it to ...Taxes Caculator. State. Prize Amount. YOUR TAX RATES ? Final taxes owed will vary case by case. 25% + State is the automatic withholding. 25.00%. Federal. 0%.Everyone dreams of winning the lottery someday. It’s a fantasy that passes the time and makes a dreary day at the office a little better. What are your odds of getting the winning ...Probably much less than you think. The state tax on lottery winnings is 6% in Kentucky, which you'll have to pay on top of the federal tax of 25%. There might be additional taxes to pay, the exact amount of these depends on the size of the jackpot, the city you live in, the state you bought the ticket in, and a few other factors.Making a small change in the lottery process would increase the share of advanced degree holders winning it. Potential good news for advanced-degree holders applying for the US ski...Calculate your lottery winnings after tax using current tax laws in each state. Compare lump sum and annuity payout options and see how much money you'll receive from …The Kerala Lottery Prize Calculator works by allowing the user to input the prize amount they wish to calculate the tax for. The calculator then proceeds to calculate the agent commission, which is 10% of the prize amount. This amount is subtracted from the prize amount, giving the balance. The calculator then calculates the income tax, which ... disclaimer: The lottery results are unofficial. Always check with the official state for the latest lottery results. Lottery Current is an independent lottery results, scanner and expense provider and is neither endorsed, affiliated nor approved by any state, multi-state lottery operator or organization whatsoever. Jump to the Lottery Tax Calculator. At a glance: Lottery winnings are considered taxable income for both federal and state taxes. Federal tax rates vary based on your tax bracket, with rates up to 37%. Winning the lottery can bump you into a higher tax bracket. Lottery winnings don’t count as earned income for Social Security benefits.The $750 million Powerball jackpot has a cash value of $378.8 million and the $560 million Mega Millions jackpot has a cash value of $281.1 million. For both lotteries, if you take the annuity ...The housing lottery in Massachusetts is a competitive process that can be daunting to navigate. With the right strategies, however, you can increase your chances of winning an upco...Federal Taxes (24%) Read Explanation. Before you even receive any of your lottery winnings the IRS will take 24% in taxes. - $146,400. Pennsylvania Taxes (3.07%) Read Explanation. Each state has local additional taxes. For Pennsylvania this is an additional 3.07%. - $18,727.Federal lottery taxes are determined by the income bracket the winnings fall into. Currently the two highest income brackets are taxed at 37% for incomes over $578,125 and 35% for incomes over ... disclaimer: The lottery results are unofficial. Always check with the official state for the latest lottery results. Lottery Current is an independent lottery results, scanner and expense provider and is neither endorsed, affiliated nor approved by any state, multi-state lottery operator or organization whatsoever. The answer is every £1 spent on UK lottery tickets, Fifty percent of the bet is returned to the punter in the form of winnings. The remaining 28% goes to a government-regulated fund for “good causes,” the majority of which goes to projects that the government would otherwise be expected to carry out in the areas of health, education, the ...Mega Millions after taxes. The 2024 federal tax brackets place the Mega Millions jackpot winnings at a 37% tax rate, whether the winner opts for the lump sum or not. That’s because the 37% rate ...If you want to avoid surprises, use this tax calculator and find out how much you will owe in taxes on your lottery winnings. Works worldwide.For our calculations we’re using an average reduction amount of 39%. - $390,000. Federal Taxes (24%) Read Explanation. Before you even receive any of your lottery winnings the IRS will take 24% in taxes. - $146,400. Virginia Taxes (4%) Read Explanation. Each state has local additional taxes.The second rule is that you can’t subtract the cost of gambling from your winnings. For example, if you win $620 from a horse race but it cost you $20 to bet, your taxable winnings are $620, not $600 after subtracting your $20 wager. You are not permitted to "net" your winnings and losses. Cash is not the only kind of winnings you …The state tax on lottery winnings is 3.4000000000000004% in Indiana, which you'll have to pay on top of the federal tax of 25%. There might be additional taxes to pay, the exact amount of these depends on the size of the jackpot, the city you live in, the state you bought the ticket in, and a few other factors.Gambling winnings are typically subject to a flat 24% tax. However, for the activities listed below, winnings over $5,000 will be subject to income tax withholding: Any lottery, sweepstakes, or betting pool. Any other bet if the proceeds are equal to or greater than 300 times the wager amount.There is no way to calculate or predict winning lottery numbers. However, there are online calculators that can help to calculate a person’s chances of winning the lottery. When ch...Federal lottery taxes are determined by the income bracket the winnings fall into. Currently the two highest income brackets are taxed at 37% for incomes over $578,125 and 35% for incomes over ...4 days ago · We designed this calculator so you can calculate how much tax you have to pay once the lottery has been won. Find out and compare the total payoff whether you selected the lump sum or rental option, followed by a payout chart with 30 rental installments. Just enter the stated Jackpot amount into our Powerball calculator and choose your status ... You don’t have to pay 24% on the entire $145,000 though. If, say, the tax bracket that $150,000 is in starts from $95,376, you’ll only have to pay 24% on the income that surpasses it. In this case, that would be $49,624. This means that you’d owe $16,290 on the first $95,376, and 24% of $49,624.Probably much less than you think. The state tax on lottery winnings is 4% in Missouri, which you'll have to pay on top of the federal tax of 25%. There might be additional taxes to pay, the exact amount of these depends on the size of the jackpot, the city you live in, the state you bought the ticket in, and a few other factors.Lottery Tax Calculator calculates the lump sum, annuity payments and taxes on Megamillions, Powerball, lotto winnings and provides accurate data to user.Probably much less than you think. This tool helps you calculate the exact amount. Lottery taxes are anything but simple, the exact amount you have to pay depends on the size of the jackpot, the state/city you live in, the state you bought the ticket in, and a few other factors. We've created this calculator to help you give an estimate.For our calculations we’re using an average reduction amount of 39%. - $390,000. Federal Taxes (24%) Read Explanation. Before you even receive any of your lottery winnings the IRS will take 24% in taxes. - $146,400. Ohio Taxes (4%) Read Explanation. Each state has local additional taxes.Financial Advice for NY Lottery Winners. IRS rules on lotto winnings: Losses on gambling are legitimate tax deductions only up to the amount of winnings. (i.e. $500 lottery winnings in 2023 means you can deduct $500 if you spent that much on tickets) Hang on to losing tickets though. When itemizing income taxes and deducting lottery losses, you ...HUDSON, N.H., July 20, 2021 /PRNewswire/ -- William Metzger, a Hudson, New Hampshire resident, won a $1 million Powerball prize last week by playi... HUDSON, N.H., July 20, 2021 /P...Since lottery annuities typically follow a growing annuity structure, where the amount of yearly payout grows by a given rate, the lottery annuity may take the following form: P n = -PV / [ (1 - (1 + g) t) / g] * (1 + g) n - 1. where: Pn - Payout in the n-th year; PV - The gross amount of lottery prize, which is the present value (PV) of the ...For prizes between $600 and $5,000, you do not owe any federal tax but you are still required to report your winnings on a federal income tax form. As well as federal withholding, you will also owe state taxes on prizes above $5,000 in most participating jurisdictions. The only states which do not tax prizes are South Dakota and Tennessee.HUDSON, N.H., July 20, 2021 /PRNewswire/ -- William Metzger, a Hudson, New Hampshire resident, won a $1 million Powerball prize last week by playi... HUDSON, N.H., July 20, 2021 /P...Everybody needs money to survive. It’s a fact we may not like, but it’s still a fact. Another inescapable truth is that most of us could use more money for the things we need as we...We designed this calculator so you can calculate how much tax you have to pay once the lottery has been won. Find out and compare the total payoff whether you selected the lump sum or rental option, followed by a payout chart with 30 rental installments. Just enter the stated Jackpot amount into our Powerball calculator and choose your status ... Lottery Tax Calculator helps you determine what you owe in taxes. Know how lottery winnings are taxed? What is the tax rate for lottery? And more at TaxAct. 3.50%. Over $50,000. 4.25%. It’s important to note that the tax rates above only cover Louisiana gambling taxes. You must also pay federal income taxes on all of your gambling winnings. The standard federal tax rates range from 10% through 37% and are based on your income. Probably much less than you think. The state tax on lottery winnings is 8% in Oregon, which you'll have to pay on top of the federal tax of 25%. There might be additional taxes to pay, the exact amount of these depends on the size of the jackpot, the city you live in, the state you bought the ticket in, and a few other factors. If you play international lotteries from South Africa, there may be tax laws in those countries that come into effect before you receive your winnings. For example, the United States government imposes a 25% federal tax on any Mega Millions prize above $5,000.01, while the jackpot is subject to a 39% federal tax withholding.Lottery Winning Taxes in India. Imagine having to pay 28% in taxes on your precious lottery winnings. Although it sounds like the full lottery taxes applied to players in the United States, that is the harsh condition for players of lottery games in India. Believe it or not, the tax used to be even higher, at 30.9%.Mar 27, 2024 · Mega Millions after taxes. The 2024 federal tax brackets place the Mega Millions jackpot winnings at a 37% tax rate, whether the winner opts for the lump sum or not. That’s because the 37% rate ... The federal government requires Florida winners to deduct 24 percent from any winnings of more than $5,000. Winners of $5,000 or less aren't required to deduct federal withholding taxes from any monies they receive. For Florida residents who don't have a Social Security number, the lottery is required to withhold 24 percent on … Probably much less than you think. The state tax on lottery winnings is 0% in Texas, which you'll have to pay on top of the federal tax of 25%. There might be additional taxes to pay, the exact amount of these depends on the size of the jackpot, the city you live in, the state you bought the ticket in, and a few other factors. The remaining amount of any lottery prize held in a lottery winner's estate is includable in the gross estate for estate tax purposes. 31 A unified credit against the gift and estate tax is available to all individual taxpayers; in 1999, the credit is equivalent to $650,000 and goes up in steps to $1 million by 2006.The lottery automatically withholds 24% of the jackpot payment for federal taxes. When you file your next return after winning, you will be responsible for the difference between the 24% tax and the total amount you owe to the IRS. In some states, the lottery also withholds a percentage of the payment for state taxes.The state tax on lottery winnings is 3.0700000000000003% in Pennsylvania, which you'll have to pay on top of the federal tax of 25%. There might be additional taxes to pay, the exact amount of these depends on the size of the jackpot, the city you live in, the state you bought the ticket in, and a few other factors.In Portugal, any prize worth more than €5,000 is taxed at a rate of 20%. For example, if you won a EuroMillions jackpot of €100 million, the contribution back to the government would be almost €20 million (the first €5,000 would be tax-free). There is no cost to you if your prize is lower than €5,000.In Portugal, any prize worth more than €5,000 is taxed at a rate of 20%. For example, if you won a EuroMillions jackpot of €100 million, the contribution back to the government would be almost €20 million (the first €5,000 would be tax-free). There is no cost to you if your prize is lower than €5,000.For our calculations we’re using an average reduction amount of 39%. - $390,000. Federal Taxes (24%) Read Explanation. Before you even receive any of your lottery winnings the IRS will take 24% in taxes. - $146,400. Oregon Taxes (8%) Read Explanation. Each state has local additional taxes.In Michigan, gambling winnings are subject to a 24% withholding for federal tax. That said, the actual amount you need to pay taxes on depends on your total income. If you hit a certain threshold of gambling winnings, the tax is withheld for you. Michigan has a 4.25% state income tax, and your income tax bracket needs to include your total ...Besides the time-value-of-money discount rate, a lump-sum payout also results in federal tax of 37% on every dollar over $539,900 (single filers) or $647,850 (joint filers) (in 2022 — plus taxes at graduated rates for the amount below that), plus state taxes in many cases — although some states exempt the winnings. Lottery winnings are ...The state tax on lottery winnings is 7.249999999999999% in Minnesota, which you'll have to pay on top of the federal tax of 25%. There might be additional taxes to pay, the exact amount of these depends on the size of the jackpot, the city you live in, the state you bought the ticket in, and a few other factors.Lottery Tax Calculator calculates the lump sum, annuity payments and taxes on Megamillions, Powerball, lotto winnings and provides accurate data to user.Probably much less than you think. The state tax on lottery winnings is 6% in Kentucky, which you'll have to pay on top of the federal tax of 25%. There might be additional taxes to pay, the exact amount of these depends on the size of the jackpot, the city you live in, the state you bought the ticket in, and a few other factors.The formula used by a lottery winnings tax calculator typically takes into account the federal and state tax rates that apply to the prize money. For example, the federal tax rate for lottery winnings is typically 24%, but this can vary depending on the size of the prize and other factors. State tax rates can also vary, so the calculator will ... Federal Taxes (24%) Read Explanation. Before you even receive any of your lottery winnings the IRS will take 24% in taxes. - $146,400. Pennsylvania Taxes (3.07%) Read Explanation. Each state has local additional taxes. For Pennsylvania this is an additional 3.07%. - $18,727. Besides the time-value-of-money discount rate, a lump-sum payout also results in federal tax of 37% on every dollar over $539,900 (single filers) or $647,850 (joint filers) (in 2022 — plus taxes at graduated rates for the amount below that), plus state taxes in many cases — although some states exempt the winnings. Lottery winnings are ...The federal government requires Florida winners to deduct 24 percent from any winnings of more than $5,000. Winners of $5,000 or less aren't required to deduct federal withholding taxes from any monies they receive. For Florida residents who don't have a Social Security number, the lottery is required to withhold 24 percent on …
State Taxes on Lottery Winnings. State taxes are another form of tax that lottery winners in the US can expect. These will be charged in the state where you purchased the ticket. The taxes vary significantly, as some states don’t impose taxes on players at all, while others can impose tax rates up to 8.82%.. Myfamily benefits
The state tax on lottery winnings is 6.7% in Connecticut, which you'll have to pay on top of the federal tax of 25%. There might be additional taxes to pay, the exact amount of these depends on the size of the jackpot, the city you live in, the state you bought the ticket in, and a few other factors.The odds are minuscule. The chances of winning big in lotteries are very, very slim. Take, for example, last month's billion-dollar US jackpot — the odds of picking the winning numbers were one ...Probably much less than you think. The state tax on lottery winnings is 6% in Kentucky, which you'll have to pay on top of the federal tax of 25%. There might be additional taxes to pay, the exact amount of these depends on the size of the jackpot, the city you live in, the state you bought the ticket in, and a few other factors.The winning numbers for Mega Millions' highly-anticipated $331 million jackpot were drawn on May 10. Mega Millions released the winning numbers on Friday, which were the …Just enter in your state and the game you were playing and see exactly what you would take home from winning big! The Lottery Tax Calculator takes into account the latest tax laws and regulations, ensuring you get the most accurate and up-to-date results. ESTIMATED JACKPOT $267,000,000 CASH VALUE $247,500,000 ...If you win the minimum $20 million jackpot and choose the lump sum payout, the Federal government withholds 24% from your winnings automatically. If you are looking at a $12 million payout — roughly the lump sum option for a $20 million jackpot — you’ll pay $2,880,000 in taxes before you see a penny. Now you are down to $9,120,000 in your ...Lottery Winnings. Under Act 84 of 2016, the Pennsylvania personal income tax of 3.07 percent now applies to Pennsylvania Lottery cash prizes paid after January ...May 8, 2024 · That makes the total net payout $710K. It’s worth noting you’ll also pay taxes over the mentioned 30 years. So, you’ll get $15K the first year and then pay taxes for that sum. In the tenth year, the sum you receive is $23.3K, and in the 20th year, $38K. The final payment is around $61.95K. Massachusetts taxes ordinary income at 5%. This means there is not a set gambling tax rate in MA. It will be treated differently than your income, but the rate will depend on your overall taxable income. You should keep any documentation you receive from a sportsbook, especially pertaining to a loss.Probably much less than you think. The state tax on lottery winnings is 4% in Colorado, which you'll have to pay on top of the federal tax of 25%. There might be additional taxes to pay, the exact amount of these depends on the size of the jackpot, the city you live in, the state you bought the ticket in, and a few other factors.Initial (1st) Payment (after Taxes): 10th Payment (after Taxes): 20th Payment (after Taxes): Final (30th) Payment (after Taxes): If winning the lottery is still just a dream, then you’ll know that the odds of your ticket winning certainly aren’t great. But buying lottery tickets online as part of a Mega Millions pool allows you to play 30 ...Financial Advice for NY Lottery Winners. IRS rules on lotto winnings: Losses on gambling are legitimate tax deductions only up to the amount of winnings. (i.e. $500 lottery winnings in 2023 means you can deduct $500 if you spent that much on tickets) Hang on to losing tickets though. When itemizing income taxes and deducting lottery losses, you ...The remaining amount of any lottery prize held in a lottery winner's estate is includable in the gross estate for estate tax purposes. 31 A unified credit against the gift and estate tax is available to all individual taxpayers; in 1999, the credit is equivalent to $650,000 and goes up in steps to $1 million by 2006.The state tax on lottery winnings is 7.249999999999999% in Minnesota, which you'll have to pay on top of the federal tax of 25%. There might be additional taxes to pay, the exact amount of these depends on the size of the jackpot, the city you live in, the state you bought the ticket in, and a few other factors.For amounts between $10,001 and $500,000, you are taxed 5% of your winnings. For any lottery winnings exceeding $500,000, as in $500,001, you owe 8% in state tax. Federal tax laws though will also take a hefty bite out of your lottery winnings with 24-25% going to the Internal Revenue Service. New Jersey residents are subject to both types of ...Federal taxes on lottery winnings are significant, with higher prizes facing a federal tax rate of 37%. The federal tax rate of 37%, the top federal tax rate, applies to the portion of your winnings that exceeds $1 million, including lottery winnings from mega millions or Powerball. Additionally, state income taxes may also apply, depending on ....