Intuit Accountants News Central

Mega Millions Winners Will Owe Jackpot of Taxes

Article Post Date
April 2nd 2012 by Intuit Staff

According to a new article by Michael Cohn on AccountingToday.com, the three winners of the record-breaking $656 million Mega Millions lottery jackpot will owe at least 25 percent of their winnings to the IRS.

Lottery winnings of over 25 percent are subject to a federal withholding tax of 25 percent, and that does not count state income taxes. In addition to the three jackpot-winning tickets, three other lucky ticket winners will be able to claim $1 million for getting the right Mega Ball number, and 158 other ticket holders are entitled to $250,000 apiece for picking five out of the six correct numbers.

Read the full article for more information.

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