While the windfall would be a life-changing bonanza, a good portion of it will go to taxes.
Both Mega Millions and Powerball Jackpots Are Now Above $400 Million. If You Win Big, Here Are 3 Key Things to Consider
Winners of big jackpots face a few important decisions that should be handled before heading to lottery headquarters to claim their windfall.
Between the Powerball and Mega Millions jackpots that have been claimed so far this year, winners have paid more than $500 million in federal taxes.
Many States Are Holding Lotteries With Cash Or Other Prizes to Boost Vaccination Rates. Here's How Much Winners Could Owe in Taxes
Whether cash or another type of prize, the IRS expects winners of any lottery to pay taxes on the value of their jackpots.