"Nearly $1 Billion Mega Millions Jackpot: Tax-Free States and Betting Tips"

1 min read
Source: CNBC
"Nearly $1 Billion Mega Millions Jackpot: Tax-Free States and Betting Tips"
Photo: CNBC
TL;DR Summary

The Mega Millions jackpot has reached nearly $1 billion, but the amount you take home could vary significantly based on state taxes, with eight states not taxing lottery winnings at all. Federal taxes on winnings are 24% upfront, but could reach 37% after filing. Where you buy the ticket also matters, as out-of-state purchases could trigger additional taxes. Winners should consider consulting a tax professional to navigate the implications and make informed decisions.

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