How much money will you get after taxes if you win the Mega

Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

The Powerball jackpot for the Oct 2 drawing at 11 You'll receive your after-tax winnings immediately if you claim a lump sum payout

powerball results 05 july 2024 The federal government will take 24% off the top of lump sum winnings from the Mega Millions jackpot Then it is the state's turn

powerball maryland So, when you take the cash option, you will end up with $374,954,812 after federal taxes Now it is the state's turn State tax rates on lottery