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mega millions winner
Hi and Happy New Year to everyone.The news reports on the winning ticket from Tuesday night's Mega-Million game says that the person will take the cash option which according to CNN is about 91 million before taxes (surprised it was that much...I thought it was closer to half the annuity when you took the cash) and then about 67 million after taxes.Is that accurate? If the winner takes the cash, at 91 million and the has to pay taxes, wouldn't federal income, social security taxes (both sides...
Jan 1, 2004, 1:43 pm - joeybabe25 - Jackpot Games Forum

Do you still play?Reply
The reason why I ask is if you think about how much taxes Uncle Sam takes out if you get 20 million that's not enough now is it? I have heard people who take the lump sum and they have to pay the taxes and every year pay the taxes on that win. Now if you do the math that's not enough to live off of now is it? I remember that young kid hit the powerball last year the one that was over 200 I think and they took out a whopping 34 million in taxes. Can you say ouch!!! Just do the math. I know
Feb 8, 2010, 4:14 pm - earthdragon72 - Jackpot Games Forum

Texas LottoReply
@Speler, We pay our state taxes through lotto wager.
Sep 11, 2021, 12:45 am - ah1963 - Jackpot Games Forum

WI Badger 5 - 4/28/20Reply
After taxes splitting 4 ways does not leave a whole lot.
May 31, 2020, 12:33 am - Unlucky-Kenny - Jackpot Games Forum

$548 Million for Friday Mega MillionsReply
$194,704,000 cash after taxes here.
Oct 10, 2018, 12:46 am - C0w Pi3 - Jackpot Games Forum

If you win 1 million from PB or MM how much do you get?Reply
What? It is no different than an employer withholding taxes. You can deduct the taxes paid from the total amount you still owe. It is your money and the taxes are deducted on your behalf. Have you ever received a paycheck?
Jun 24, 2018, 5:07 pm - Artist77 - Jackpot Games Forum

If you win 1 million from PB or MM how much do you get?Reply
The IRS total take from a lottery winner's winnings is 37%, it used to be 39.6%. Since the Fed's take 25% up front, you will owe the balance of the 37% to the Fed's,and taxes to your State and local taxes, if that applies. However, if your State does not take taxes from lottery winnings like California a few other States, you get to keep a little more of your money.
Jun 24, 2018, 4:49 pm - noise-gate - Jackpot Games Forum

If you win 1 million from PB or MM how much do you get?Reply
Ok, so you say they withhold 25-30% for taxes so does this mean the tax owed on the lump sum is pulled out automatically or does the recipient have to report the income still and pay taxes on it even after they withhold a certain percent for taxes? This is where I am confused.
Jun 24, 2018, 3:20 pm - lottoman86 - Jackpot Games Forum

If you win 1 million from PB or MM how much do you get?Reply
I am in fact reading what people are telling me here. I am just trying to understand it all. You said the lottery usually withholds 25% for fed taxes but you are responsible for paying the rest of the fed and state taxes. Ok, can you elaborate on this more please? This doesn't make sense to me because it sounds like the lottery is having to pay taxes on money they are giving to someone. That doesn't make sense. If they withhold a certain percent for fed taxes then why is the money taxed again fo
Jun 24, 2018, 3:17 pm - lottoman86 - Jackpot Games Forum

If you win 1 million from PB or MM how much do you get?Reply
I think they take like 1/3 of your winning. As in taxes. So if you win 1 million you get like $600,000. There a ticket in Michigan that if you win 1 million you get all 1 million. No taxes. It's a Scratch-Off called taxes free.
Jun 24, 2018, 12:51 am - keepitreal - Jackpot Games Forum