Cash vs annuity: Which payout should you pick if you win Mega

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

Cash Mega Millions Jackpot for Fri, Jul 12, 2024: $203,000,000 $96,000,000 Your net payout: $58,121,812 After 30 payments: $124,069,380 Annuity The figure that can be won varies from as low as $1,000 to over $500 million depending on the number of winners This is because the Mega Millions cash lump-sum

va lottery pick 3 Income from lottery winnings and online games are included under the head 'Other source of Income' and is taxable at the special rate of 30% However, there are 13 states that do not collect additional taxes on residents' lottery winnings winnings in a lump sum of cash If they pick