Mega Millions Lottery -- Are you in the game?

Mega Millions Lottery -- Are you in the game?

by Julie Jason on Oct 23, 2018

If you are the sole winner of today's Mega Millions lottery, you'll be a billionaire - the jackpot is $1.6 billion.  It's the richest lottery jackpot in history.   Of course, the IRS will want its share, along with the state you live in if your state has an income tax, like Connecticut, my home state.  Lottery winnings are taxable as income from gambling.  You'll receive an IRS Form W-2G at tax time to report the winnings, but in the meantime, taxes will be withheld.  

Here is a state by state resource to get you started on reviewing federal and state tax liability.  

By the way, if you are the lucky winner, be sure to read my forbes.com posting about what to do before you share your story with anyone.