lotto 47 payout after taxes

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lotto 47 payout after taxes

Lotto 47 Payouts | Prizes Lotto 47 Payouts View the Lotto 47 Payouts and prize table for the latest draw below, held on Saturday January 14th 2023. Also, you will pay tax every year if you choose the annuity payment option. If the $707.9 million cash option was taken, the winner would pay $261.9 million in federal taxes and take home $446 million. A year later, the next payment will arrive, and so on until all 30 have been paid. In other words, say you make $45,000 a year and you won $100,000 in the lottery. Do You Pay Taxes on Lump Sum Lottery Winnings?If taxes apply to that lottery, they will be applied to lump-sum payments. Alternatively, you can choose an annuity payout. According to USAmega.com, that would be New York with a 10.9 percent effective tax rate on lottery winnings.. The annuity lottery payouts are subject to federal income taxation every given year depending on your total income for that year, and the tax brackets structure applied to your filing status. An example is Mexico, which has a 1% federal tax and a state tax that varies from 1.65% to 7%. It's alsothe fourth time since October 2018 thatwinnings haveexceeded $1 billion. 2023 FOX News Network, LLC. To use the calculator, type in the number matrix, select the number of prize tiers and tick whether the lottery includes a bonus ball. No doubt, playing the lottery is exciting, and winning a hefty prize is exhilarating. varies between states. Alternatively, you can choose annuities. When you file your next return after winning, you will be responsible for the difference between the 24% tax and the total amount you owe to the IRS. The jackpot in the Mega Millions drawing is worth about $1.35 billion, one of the largest lottery prizes ever. The Michigan Lottery does not withhold any taxes on lottery prizes from $601 to $5,000, but is required to report the winnings to the IRS and Michigan Department of Treasury. To win such a huge prize, some people tend to rely on the lotto dominator, but before you do, you might want to check out if its really worth it! ", "CONGRATS to the IRS for winning the $846.3MM Mega Millions lottery!" First, enter the initial jackpot amount. stocks or a company. Your California Privacy Rights/Privacy Policy. It is where annual payments of your winnings are To use the calculator, select your filing status and state. There are some tips as well, which guide the players on how to win the lottery like using lottery apps, prediction tools, lottery dream numbers, and last but not least Lucky Number Calculator or just to measure the odds using a lottery odds calculator. Man wanted in Georgia after smashing lottery machine, stealing cash. For those reasons, a 2018 USA TODAY analysis recommended taking the lump sum. Austria, Ireland, and South Africa are countries that stick to the tax-free policy. How do I calculate lottery annuity payment? Use the dropdown menu to select which state you purchased your ticket in. Now, your winnings depend on whether you decide to take the lump sum payment or the annuity payout. Your winnings will be taxed at source by the IRS before it gets to you, so you wont get the full amount from the lottery organizers. Powerball lottery winnings and provides accurate data to a user. The taxes vary significantly because some states dont impose taxes on players. If you want to seriously increase your odds of becoming a Mega Millions or Powerball winner, then take a look at the worlds best lottery pools to see how you can cheaply and easily play at least 30 tickets each drawing. Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox. Furthermore, state tax and all the applicable local taxes will also eat into your winnings. Tax Band 2: Any prize between $600 and $1,499.99 is subject to a tax rate of 30% for non-residents. The main benefit of a Once you win a hefty sum, it is nice to see the entire amount in your bank account. In this article, we are offering a detailed explanation of how to calculate your exact winnings after taxes. That's just federal taxes. It all depends on the size of the lottery winnings, your current and projected income tax rates, where you reside, and the potential rate of return on any investments. For Florida residents who don't have a Social Security number, the lottery is required to withhold 24 percent on winnings of more . Living in luxury, spending on friends, and traveling around the world is expensive. The same numbers you pick for Lotto 47 will be entered into Double Play, which takes place immediately after the main game. You can check state tax for your residing state on Powerball Analysis page. Mega Millions can be played in 45 states, the District of Columbia and the Virgin Islands. But did you know that some countries also impose taxes on lottery winnings? 25.00 % Federal 0.00 % State Total Estimated Tax $ 250,000 .00 (You keep $ 750,000 .00) What if the payout was an annuity? Youll also find information about all the payouts, so you can see how many winners were in each category. You can calculate the exact tax rates on your prize to discover how much money youll actually receive. Twitter finance gurus and investors calculated the disappointing payout after taxes of the Mega Millions jackpot. Lotto 47 | Michigan's Classic Lotto Lotto 47 Lotto 47 is a big-jackpot Michigan Lottery game which takes place every Wednesday and Saturday night at 7:29pm. setInterval(function () { your money is invested and aren't afraid of losing some of it. That could be a benefit if you are not wise at spending money. This is a BETA experience. ET. He has previously served as a speechwriter for a cabinet secretary and as a Fulbright teacher in South Korea. SOURCE USA TODAY Network reporting and research; Associated Press; lotteryusa.com; Internal Revenue Service; Kiplinger; megamillions.com. No. Thats a big check to write on April 15th. What Are the Odds of Winning the Lottery? You must report that money as income on your 2019 tax return. IRS Announces Opening Of E-FilingAre You Ready? To play, select six numbers from 1 to 47. In rough numbers, assuming the winner is an Illinois resident, that should mean the winner takes home about $433.7 million. Want to know how much a winning lottery ticket is actually worth? We do not take responsibility for any inaccuracies or omissions, nor is this calculator intended to represent tax advice. State Tax:- State taxes in the US varies between 0% to 10% and is independent of payout value. What is the Tax Rate for Lottery Winnings? Illinois currently withholds 24 percent in . This chart explains what The fact that you have that much money at your disposal is attractive to anyone. You win by matching at least three of your numbers with those drawn. Lotto 47 Each prize amount is based upon the ticket cost shown next to it. . Think you could live on that? That is unless your regular household income already places you in the top tax bracket prior to winning. Since the tax withholding rate on lottery winnings is only 24%, some lottery winners do not plan ahead, and can have trouble paying their taxes when they file their tax returns the year after they win. This sudden increase in income shoots the winner into the nation's highest tax bracket of 37 percent. The rate is set to 24%, which means that almost a fourth of your winning will go to the national government. All rights reserved. claiming a more oversized tax bracket. Wed, Jan 18, 2023 @ 1:10 PM. https://worldpopulationreview.com/state-rankings/taxes-on-lottery-winnings-by-state, https://smartasset.com/taxes/how-taxes-on-lottery-winnings-work, https://taxfoundation.org/lottery-tax-withholding-2019/, https://www.cnbc.com/2019/09/20/what-you-pay-in-taxes-if-you-hit-211-million-mega-millions-jackpot.html, https://www.investopedia.com/managing-wealth/winning-jackpot-dream-nightmare/. You can easily waste the entire sum without any long-term planning. Then there are state taxes. once a week. Get all six the same and you win or share the jackpot. Heres a quick guide on how to use our lottery tax calculator: All lottery winnings are subject to tax. Lottery Payout Calculator is a tool for calculating lump sum payout and annuity payout by choosing your Or if you dont want to share your fortune, these statistically-proven lottery strategies are mathematically guaranteed to win you more money in the fewest number of tickets possible. But in case you want to start calculating your potential take home dollars now, we've tracked down some online lottery payout calculators for you to play with. If you would like to see the results for an older drawing than . State Lotteries AL AZ AR CA CO Do I have to pay state taxes on lottery winnings if I dont live in the state where I bought the ticket?You will have to pay state taxes on lottery winnings in the state where you bought the ticket. However, at tax time, you will probably find yourself in the highest tax bracket with a tax rate of 37%, meaning you will have to pay an additional sum of money. But winners who take annuity payouts can come closer to getting the actual jackpot amount than lump-sum takers. whether you want it in a lump sum or over 30 years. ET. Say you make $60,000 yearly and win $100,000 in the lottery. You could also use it to buy or expand a business. Players select six numbers from one to 47 for a chance to win a jackpot starting at $1 million and that grows until someone wins it. You pay taxes on your income, as well as property and sales taxes. into a retirement plan or the other stock option to generate a return. 10% on the first $9,950 you earn. Does Winning the Lottery Count as Income?Yes, all net lottery winnings are ordinary taxable income. The numbers are drawn Tuesdays and Fridays at 11 p.m. Consider hiring a tax expert to help you with paying taxes properly. In addition, you likely need to pay state taxes, depending on your residence and the lottery's place of purchase. To play, select six numbers from 1 to 47. In the situation when the winner resides in a different state than the one where the winnings were registered, additional state taxes may be added. One thing that multiple Twitter users agreed on was that the IRS would win out no matter what. The 1.28 billion is only if you take it over time, but if you want it all now, you get $747.2 million. Federal and state tax for lottery winnings on lump sum and annuity payments in the USA Most lottery winners want a lump sum payment immediately. A lottery Assuming a top tax rate of 37%, here's a look at how much you'd take home after taxes in each state and Washington, D.C., if you won the $1.9 billion . The online lottery annuity payout calculator will provide you with 30 different payouts based on the tax laws that apply in your state. The federal rate is 24%, although it might vary. The choice between a lump sum payout and an annuity payout is yoursand Federal tax is applicable on the national level in the United States. Thats so messed up and I think that we need to let the government [and] let the lotto know how pissed off we are about this unfair system. Know your limit. You can choose to invest it into a retirement account or other stock option to generate a return. For this, you can use a federal tax calculator. Tax moves right before or right after you receive something may sound pretty slick. The sole winner, however, won't take home any moneywithout paying substantial taxes on it first. Most states dont withhold taxes when the winner doesnt reside there. When you win the lottery, you do not want to guess the worth of each year's payout instalments. The table below shows the different tax rates for various income levels in the United States. (Photo illustration by Jakub Porzycki/NurPhoto via Getty Images), Timelines In Tax History: Guns, Butter, And The Vietnam War Tax Surcharge, IRS Attacks Structured Attorney Fees 28 Years After Losing Key Tax Case. Michigan Lotto 47 Lotto Odds Calculator Lotto Odds Calculator Odds Calculator The Lotto Odds Calculator enables users to calculate the odds of winning the jackpot and additional prize levels for any given lottery. lump sum payout, look at what you've won, subtract taxes and figure out how many times your annual income For an additional $1 per game,. For example, a lotto payout calculator in New York would also subtract 8.82 percent for state taxes. Well, many hundreds of millions of dollars into the top tax bracket, as it turns out. And the cash the winner has left is $470,736,000. Lotteries. Are you daydreaming about winning millions in a lottery? So, there's much more to calculating your lottery annuity payout than just choosing In most cases, people opt for a lump sum payout. If you add the 24% withholding tax plus the 13% extra tax the winner will pay April 15th together, you get a federal tax of $276,464,000. Tax Band 3: Any prize above $1,500 is subject to a tax rate of 38% for non-residents. That method involves paying you the entire sum at once. The total value of all payments is equivalent to 100% of the advertised jackpot. The top federal tax rate might increase from 22% to more than 35%. Michigan Lottery officials say someone who purchased a Lotto 47 ticket at the Meijer gas station located on Centerville Road in Sturgis won Wednesday night's $3.39 million jackpot. You can find out tax payments for both annuity and cash lump sum options. Main Menu. Can You Put Lottery Winnings in a Trust Fund & Not Pay Taxes on Them?You cant avoid paying taxes by putting your lottery winnings in a trust fund. $1,100 plus 12% of the excess over $11,000, $5,147 plus 22% of the excess over $44,725, $16,290 plus 24% of the excess over $95,375, $37,104 plus 32% of the excess over $182,100, $52,832 plus 35% of the excess over $231,250, $174,238 plus 37% of the excess over $578,125. var t = new Date(); Go to the Double Play section to learn more. It currently . The IRS takes 24% of winnings upfront and collects the rest when the next tax return is filed. But the winner shouldnt spend all that. The federal government requires Florida winners to deduct 24 percent from any winnings of more than $5,000. Oklahoma: 4.75% state tax: $15.764 million a year or $273.870 million cash in a lump sum. Most people arent used to that much cash at once and dont know how to control their spending. Texas . The cash lump sum payment is the available jackpot prize pool at the time of the draw. amount will be smaller than what you'll receive. Assuming a 45% tax rate, that leaves you with about $313mm. The IRS said she was liable for gift taxes when she transferred the winning ticket to a family company of which she owned 49%. Lump-sum payout is "Whats messed up is that you actually get a payout of like 300 and something million dollars. Georgia has paid out three winnings over $1 million in 2022. For Tuesday's jackpot, the cash option (or lump sum payout) would be $707.9 million. Prev Draw Date Sat, Dec 24, 2022 Important Notes Ticket costs Some lottery games, especially daily numbers games. Additionally, lump-sum jackpots might be smaller than prizes paid in annuities. Does Tax Policy Support The Circular Economy? Curiously, though, only 24% is withheld and sent directly to the government. Additionally, some state and local lotteries could have what is called a retailer fee. ", Business author Jared Dillian did an in-depth estimate of the full lottery earnings. FILE - A man holds Mega Millions lottery tickets on July 29, 2022, in New York City. The annuity is paid out over 30 years, increasing 5% annually. For this, a tax calculator is an essential tool. Otherwise, Otherwise, the chances are that you can hope for a less significant increase. Do Seniors Pay Taxes on Lottery Winnings?Seniors also pay taxes on lottery winnings. If the winner buys a winning ticket in a state that they do not live in, most states will not withhold . Market data provided by Factset. Virginia Senate member Lionell Spruill, Sr. tweeted Monday that a new bill he introduced and helped pass will prevent the winners name from being released to the public, assuming that person is in the state. On the other hand, cash value could drop significantly over time. Legal Statement. Lottery Tax Calculator State Prize Amount $ .00 Your tax rates ? Some states dont impose an income tax while others withhold over 15 percent. Note: Before you receive one dollar, the IRS automatically takes 25 percent of your winnings as tax money. MEGA MILLIONS $1 BILLION-PLUS LOTTERY JACKPOT: WILL WINNING MAKE YOU HAPPIER OR NOT? The trouble started when she tried to benefit her family and to spread the wealth. . "The only guaranteed winner in tonight's $1.1 billion Mega Millions drawing is the IRS," Grit Capital CEO Genevieve Roch-Decter tweeted Monday. Is It Legal to Buy Lottery Tickets Online? Thats roughly 61% of the advertised amount, but you get the entire sum immediately. So if you happen to win, experts say you should consult with a financial advisor. With state-run lotteries like Mega Millions and Powerball Learn more about the Prizes available in Lotto 47, and see the biggest ever winners. All rights reserved. Lottery Payout Calculator provides Lump-Sum and Annuity Payout for (Photo by John Smith/VIEWpress). The federal tax withholdings are taken out before receiving your lump sum. How Is Lottery Lump Sum Calculated?The lottery rules imply you get less than the advertised jackpot amount if you pick a lump sum payment. In fact, lottery winnings are taxed, with the IRS taking up to 37%. It's not surprising that certain states tend to have higher lottery payouts than others. Choose your state ( For tax ): Calculate Payout Lump Sum/Cash Option Calculator Gross Payout (~61% of the jackpot) $610,000 Federal Taxes $146,400 ( 24% ) Arizona $30,500 ( 5% ) Net Payout (after taxes) $433,100 Annuity Calculator (Totals) Gross Payout $1,000,000 Federal Taxes $240,000 ( 24% ) An exceedingly lucky San Diego woman claimed more than $346 million in a lump-sum payout after correctly hitting all six numbers in the Mega Millions drawing in June 2019. Some states do not tax lottery winnings or do not tax them at the time of the payout. The Internal Revenue Service and the state government consider lottery winnings taxable income, so everyone has to pay, regardless of age. There are three tax bands. State taxes are another form of tax that lottery winners in the US can expect. The federal tax on $1,000,000 is 25%. The tax rate for lottery winnings represents the portion of your winnings that goes to the government. Most lottery winners want a lump sum payment immediately. From there, select your state from the drop-down menu and click Calculate. Established in 1995, Lottery Tickets cost$2 a play. However, you can also determine the taxes using a federal tax calculator. 2 accused of stealing from Florida Hobby Lobby store, police say, These Florida Lottery games have multiple $2 million, $1 million top prizes available. What Are Your Payout Options When Winning the Lottery? If you were to win that same amount in a different state . Ask Larry: Can Social Security's Benefit Estimates Be Accurate Without Including 2022 Earnings? For example, if you take $1 million as a lump sum and put it in an Individual states have their own taxes on lottery winnings. Most people have whether they should take their winnings in a lump sum or an annuity. The winning Lotto 47 numbers are published here shortly after each drawing has taken place. The winning cash prize of $747,200,000 after the 24% IRS withholding tax, drops to $567,872,000. An average familys top federal tax rate could go from 22 percent to 37 percent. influence lottery payout, including the number of winners in a given state in the USA, population, income Lets illustrate the tax rate with an example. Ohio: 4.797% state tax: $15.751 million per year or $273.649 million cash in a lump sum. (t.toDateString() + " , " + " " + t.getHours() + ":" + t.getMinutes() + ":" + t.getSeconds()); Winners of $5,000 or less aren't required to deduct federal withholding taxes from any monies they receive. US Powerball - Lottery prizes are subject to taxation at source. The answer The winner wants to take the whole amount because they can use it to buy You must match three or more numbers to win. Then, they can choose to invest it into a retirement plan or the other stock option to generate a return. EZmatch gives you the chance to win a big prize instantly at the moment when you purchase your Lotto 47 ticket. Do Lottery Winnings Count As Earned Income for Social Security Purposes?No, lottery winnings do not count as earned incomes for social security purposes. Michigan currently has a gambling tax rate of 4.25%. It is a lottery portal website, which offers information and resources related to lotteries and lottery services from around the world. Maryland and Arizona are the only two states that will charge you even if you dont live there. Each payment is 5 percent bigger than the previous one, which is done in order to "help protect winners' lifestyle and purchasing power in periods of inflation," per Mega Millions. Youre expected to pay the rest of your tax bill on that prize money when you file your return. Quotes displayed in real-time or delayed by at least 15 minutes. The first option is to receive the "full price" via 30 payments over 29 years. Click on the conversation bubble to join the conversation, in Krakow, Poland on June 14, 2022. While you're dreaming of what you would do with all that money like buying a new house, car, or maybe an island how much do you really get after taxes? Mega Millions - $154M Tuesday, $74.7M cash value -- $47.1M after taxes. The top prize starts at $1 million and keeps rising until it is won, so it has been known to go into the tens of millions of dollars. Story tips can be sent to jeffrey.clark@fox.com. investment account, it will earn interest, which means you'll have more money. LotteryUSA.com lets you choose your filing status and state to try and determine the take home amount. Of course, the accuracy of the online calculators may not be fully in line with what you actually end up with. Each xx payment xxx. In some states, the lottery also withholds a percentage of the payment for state taxes. In fact, lottery winnings are taxed, with the IRS taking up to 37%. This material may not be published, broadcast, rewritten, or redistributed. Do I need to pay taxes to the state where I bought the ticket even if I dont live there?That depends on the state, but most of them wont impose additional taxes. Get the full experience . 37% on any amount more than $523,601. The waitress fought the tax bill, and eventually landed in Tax Court. Do Senior Citizens Have to Pay Taxes on Lottery Winnings?Yes, all citizens are subject to all lottery taxes that exist in their current location. is. That path would have given them the full $206.9 million, paid out over three decades. It is worth noting that six states do not even offer lotteries. All gambling winnings are treated equally. federal taxes. By clicking Sign Up, I confirmthat I have read and agreeto the Privacy Policy and Terms of Service. Regardless of which option the player takes, the IRS takes a minimum 24% federal withholding tax upfront on lottery winnings. However, you can reduce the tax rate by choosing the annuity payment option to spread your winnings across several years. pay taxes on that interest annually and will likely end up paying more in taxes over 29 years than if you'd Therefore, you wont pay the same tax rate on the entire amount. When it comes to federal taxes, lottery winnings are taxed according to the federal tax brackets. 1 7 17 21 38 39 For live and past results, please click here This can be calculated using a tax calculator. 32% on the next $44,499. The difference is the lottery will first calculate your lump sum gross payout, and you pay taxes on that sum. In most cases, they will be from 1% to no more than 5%. Payout and Tax Calculator How big is the jackpot? (Photo illustration by Jakub Porzycki/NurPhoto via Getty Images). The total amount ispaid in annual installments over 29 years, with each payment 5% larger than the preceding one. The latest Lotto 47 winning numbers will be posted here shortly after the drawing has taken place at 7:29 p.m., along with the prize payouts and winner information. Are Lottery Winnings Taxed Twice?Nobody will charge you the same tax twice for lottery winnings. You also need to pay state tax. You want to be tax-savvy, not tax sorry. Oregon: 8% state . Each annuity payment increases by 5% from the previous year. ", "So just grab your wallet, put it in your pocket, leave it there and well make sure they know how we feel about this messed up tax system. The tax brackets are progressive, which means portions of your winnings are taxed at different rates. Calculate your lottery lump sum or annuity payout using an online lottery payout calculator you to have more control over how your money is invested and managed while enjoying instant gratification. Wherever you purchase the lottery tickets, you will be subject to applicable taxes in that state or country. The $1.28 billion prize, which is the second-largest jackpot in Mega Millions lottery history, can be claimed in a lump sum or over time. We assume single state residence only and do not consider non-state resident tax. After federal and state taxes, the Mega Millions winner would walk away with a $455.8 million lump sum or $816.7 million over 30 payments. Advertisement. Winning the lottery can affect your tax bracket in a big way. If you want to read some tales of woe where a winning lottery ticket ended up getting the winner into lawsuits over the proceeds, check out the details here. If you elect annuity payments, however, you can take advantage of your tax deductions each year with the help of lottery tax calculator and a lower tax bracket to reduce your tax bill. Several other states, including Wyoming, Washington, South Dakota, Texas, Tennessee, New Hampshire, and Florida dont apply an income tax on the state level. This website is affiliated with Michigan Lottery for marketing purposes only. 24% on the next $78,549. Then, they can choose to invest it 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. payout calculator can also calculate how much tax you'll pay on your lottery winnings using current tax laws Powered and implemented by FactSet Digital Solutions. The annuity option is paid in 30 installments over 29 years. Hit the 'View Prize Payouts' link below a date for all the data behind the winning numbers. Tax Benefits Continue For Trial Lawyers, But Lines Are Drawn, National Taxpayer Advocate Optimistic About IRS Service Levels In 2023. Although this is a rare case, the retailer could be entitled to a fee that would be deducted from your prize. But remember, if that happens, you likely wont pay the top rate on all of your money. There are two options when you win the lottery: Get a lump sum of your winnings or 30 annual payments. In fact, of the 43 states that participate in multistate lotteries, only two withhold taxes from nonresidents. It's essential to consider two factors when calculating how much money a winner will receive from a lottery Some cities also impose taxes. If you choose an annuity-payment plan, the lump-sum installment from your lottery winnings. show you what your options are and how much money you'll have after taxes if you take your jackpot with an WHAT'S LEFT AFTER WINNING THE LOTTERY IN TEXAS? Most jackpot winners choose a lump sum payment, usually paid over several years. Here is what happens: The lottery will usually reduce the sum to around 61%, which is around $610K. *Since January 2018, the IRS requires 24 percent be withheld from the Jackpot payment for federal income taxes. You can also get knowledge about the taxes applied to your winnings using a lottery tax calculator. You may then be eligible for a refund or have to pay more tax when you file your returns, depending on your total income. These could be monthly or yearly installments, but it is usually the latter. These payments are graduated - meaning they increase by 5% each year to account for inflation. Both have had multiple Additionally, if you are a foreigner, you might need to pay taxes in your home state. Also, some states have withholding rates for non-residents, meaning even if you dont live there, you still have to pay taxes to that state. For example, lets say you elected to receive your lottery winnings in the form of annuity payments and received $50,000 in 2019. Lotto 47 Odds and Pay-out Table The overall odds of winning a prize are 1 in 47. To calculate how much you'll get if you opt for a However, choosing a lump sum instead of an annuity allows The ticket was purchased in Illinois, and Illinois has a 4.95% state income tax, so that lops off another about $37 million in tax. If you are living outside the United States, you might be subject to taxes in your home country. According to annuity.org, federal taxes reduce lottery winnings immediately. Share this post before Tuesday's Mega Millions drawing, and we'll split the $1.1 BILLION jackpot with you if any of these tickets win!!! 35% on the next $314,174. If you took the cash option and put it in T-bills yielding 4.5%, you would make about $14 million a year, or $38,500/day. Some states don't tax lottery winnings at all. Lotto 47 gives you the opportunity to play for a jackpot worth at least $1 million every Wednesday and Saturday. Maryland: 8.75 percent state tax: $22.416 million per year or $380.366 million cash. Winning the jackpot price automatically qualifies you for the top tax bracket, which means you may have to pay as high as 37 percent of your winnings as federal taxes and up to 8.82 percent as state taxes. If there is a single winner of the $1.35 billion jackpot, those who pick the cash option will receive an . 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