The odds of winning the record $1.4 billion jackpot in Saturday night's drawing are 1 in 292 million. Anyone who beats those odds has tremendous luck, and a colossal tax bill to look forward to.
Prize money = taxable income: Lottery winnings are taxed like income, and the IRS taxes the top income bracket 39.6%. The government will withhold 25% of that before the money ever gets to the winner. The rest has to be paid at tax time.
dumb taxes. what if taxes werent invented? sweet