That depends on how you decide to take your money and complex state laws.
If you win the Mega Millions lottery, you’ll likely be propelled into the highest federal tax bracket. Your state of residency and where you bought the winning ticket can greatly impact what you pay in state taxes. For example, if you’re a California resident and purchase your ticket there, then you pay the 37% federal tax rate but are in luck because California doesn't tax lottery winnings, Steber said. But, if you’re a California resident on vacation in Rhode Island and decide to buy a ticket there, you’ll have to include your lottery winnings on your federal and California tax returns and file a nonresident Rhode Island tax return for your jackpot.
“This is where a tax professional really comes in handy,” Steber said. “State taxes can be very tricky.”
The “death of the newspaper” stuff was not overblown.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mega Millions jackpot tops $1 billion; tickets sold in Ohio win $1 million and $3 millionMega Millions jackpot tops $1 billion; tickets sold in Ohio win $1 million and $2 million
Source: clevelanddotcom - 🏆 301. / 63 Read more »
Mega Millions jackpot increases to a little over $1 billionThe next drawing will be on Friday, July 22 at 8 p.m. The winner would go home with over $600 million if the person chose the cash option. Before taxes
Source: CBSLA - 🏆 552. / 51 Read more »
Mega Millions jackpot climbs to $1 billion after no winners drawn TuesdayNo ticket matched all the numbers for Tuesday's Mega Millions drawing and the jackpot will now pass the $1 billion mark for the next drawing. megamillions What are the chances ? 1 in over 300 million Man how much is this after taxes? No wonder nobody won the MegaMillions jackpot.. your odds of winning are 1 in 303 million which are terrible odds. Instead of playing the lottery, save your money with Yotta & have a chance at winning weekly prizes of up to $10M! Learn more here:
Source: abc7newsbayarea - 🏆 529. / 51 Read more »
Mega Millions Jackpot Climbs Over $1 Billion After No One Wins Lottery DrawingWho wants to become a billionaire?
Source: HuffPostWomen - 🏆 27. / 68 Read more »
Mega Millions jackpot crosses $1 billion mark for third time in historyFor only the third time in the 20-year history of Mega Millions, the jackpot has surpassed the massive $1 billion mark after the winning numbers were drawn on Tuesday night and no winner was declared.
Source: ABC - 🏆 471. / 51 Read more »
The Mega Millions jackpot is now over $1 billionThe Mega Millions lottery jackpot has grown to an estimated $1.02 billion — with a $602.5 million cash option — after no one matched all six numbers on Tuesday. BIANCApeters8 rosannascotto ask yourself this: Do I want to purchase my OWN choice of an annuity with the lump sum (ie CASH option); or do I want the multi-state lottery folks to have all the control over the annuity? You can always purchase an annuity.
Source: fox5ny - 🏆 587. / 51 Read more »