The Mega Millions lottery jackpot is now $1 billion. If you're lucky enough to win, stay quiet and read this to know what to do.
That depends on how you decide to take your money and complex state laws.
If you win the Mega Millions lottery, you’ll likely be propelled into the highest federal tax bracket. Your state of residency and where you bought the winning ticket can greatly impact what you pay in state taxes. For example, if you’re a California resident and purchase your ticket there, then you pay the 37% federal tax rate but are in luck because California doesn't tax lottery winnings, Steber said. But, if you’re a California resident on vacation in Rhode Island and decide to buy a ticket there, you’ll have to include your lottery winnings on your federal and California tax returns and file a nonresident Rhode Island tax return for your jackpot.
“This is where a tax professional really comes in handy,” Steber said. “State taxes can be very tricky.”
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