Mega Millions jackpot: How much will the winner pay in taxes

The prize money is subject to federal taxes Many states also tax lottery winnings, though Florida has no state income tax A Florida law

If you are a citizen and do not have a Social Security number, the IRS requires the Florida Lottery to withhold 30% federal withholding tax on prizes of

taxes on 1 million lottery The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes

taxes on slot machine winnings Florida couple tries to claim $1M in lottery winnings with tampered ticket After taking out taxes, the grand prize got paid out in a