State taxes might reduce your winnings by tens of millions of dollars, depending on where you live.
ahead of Saturday night's draw, although the take-home amount will vary based on your choice of payout and the state taxes where you live.
Then there's taxes to consider. All winners have to pay federal taxes, which includes an automatic withholding tax of 24% levied against the winnings. However, winning millions of dollars will almost certainly put you in the top income tax bracket for 2023, which means another 13% in federal taxes when you file your tax return.
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