Congratulations, You Just Won a Jackpot! Now Pay Up! -

Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes,

A sole winner in Texas who took the cash option would take home $392,768,000 after paying $124,032,000 in federal taxes

taxes on 2 million dollars lottery winnings A sole winner in Texas who took the cash option would take home $392,768,000 after paying $124,032,000 in federal taxes

taxes on million dollar lottery Where you purchase your winning ticket matters due to state income and withholding taxes While lottery winnings are subject to state income tax