The 24% that gets withheld for federal taxes is just the beginning of what the winner would owe to the IRS — and, likely, state coffers, as well.
While the odds are stacked against players hitting the jackpot — your chance is about 1 in 292 million — the IRS gets a piece of every big win.
After more than eight weeks with no jackpot winner, the lottery game's top prize has climbed to $220 million for Wednesday night's drawing. And while the odds are stacked against players hitting the big prize — your chance is about 1 in 292 million — the IRS always gets a slice. "Winners have to plan for any additional amount that will be due ... to the IRS and the state," she said.
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