Someone hit $267 million Mega Millions jackpot. Here's the tax bite
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Summary
In this case, that would mean about $12.9 million going to state coffers.In other words, the winner can expect to pay at least 45 percent in taxes.Meanwhile, there's still $348 million up for grabs in Powerball's Saturday night drawing. Your chance of winning is about 1 in 292 million.More from Smart Tax Planning:What to do with that tax refund 'windfall'After slow start, tax refunds are ticking upHere are ways you can trim your 2018 tax billThe winner can expect to pay tens of millions of dollars in taxes right off the bat in both federal and state taxes.Individual refunds are now in positive territory year over year, as the average check rises to $3,143.
As said here by Sarah O'Brien