Winners of the Mega Millions & Powerball can expect a big chunk of change to go to 1 recipient: IRS

[basquebromance]

Every single win is reduced by a 24% federal tax withholding. On top of that, you’ll owe state taxes on the money unless you live where lottery wins are untaxed.

 

[miketx]

So what? Is taxing income something new? lol

 

[basquebromance]

So what? Is taxing income something new? lol

good luck, sir

 

[shockedcanadian]

If I take home net $800M+ American dollars, I guarantee I will pay that tax with a great smile.

Even better, the winner can remain anonymous since he/she was from South Carolina. Life is good for someone.

 

[MarathonMike]

You're kidding right? Of course they're going to withhold taxes especially if the winner takes a lump sum. Poor guy will have to scrape by with what $800 million? Could you even spend the interest on that? I don't think I could.

 

[elongobardi]

You're kidding right? Of course they're going to withhold taxes especially if the winner takes a lump sum. Poor guy will have to scrape by with what $800 million? Could you even spend the interest on that? I don't think I could.

Amen to that. That’s life changing money for 3 or more generations of your family.


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[Big Black Dog]

I’d happily pay those taxes if I would have won.

 

[Wyatt earp]

Every single win is reduced by a 24% federal tax withholding. On top of that, you’ll owe state taxes on the money unless you live where lottery wins are untaxed.

And water is wet

 

[RoshawnMarkwees]

Did you actually think lotteries and raffles were designed for players?
They’ve always been fundraisers.
In this case, the fund, the charity is the government. Duh.

 

[sparky]

the house never looses.....~S~

 

[Claudette]

You're kidding right? Of course they're going to withhold taxes especially if the winner takes a lump sum. Poor guy will have to scrape by with what $800 million? Could you even spend the interest on that? I don't think I could.

Yup. The winner will end up with more money than he or she could ever spend.

Nothing new on the tax end either.

Glad for the winner. Wish it was me. LOL