Win $1 Billion Mega Millions Jackpot, Pay Extra 13% Tax, Beware Claims

Lottery winnings are taxed, with the IRS taking taxes of up to 37%. Curiously, though, only 24% is withheld and sent directly to the IRS. That means you have to come up with an extra 13% on your own. If your state taxes lottery winnings, you have to add state taxes too.

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