Federal taxes are the identical for everybody. Winnings are taxed 24% upfront, though the overall tax invoice will nearly definitely be 37% once you really file, since you will seemingly be within the highest tax bracket.In distinction, taxes on lottery winnings differ extensively between U.S. states. They usually vary from 3% to six%, however go as much as 10.9% in New York — essentially the most charged by any state collaborating within the lottery.Nevertheless, eight states do not levy taxes on lottery winnings in any respect:CaliforniaFloridaNew HampshireSouth DakotaTennesseeTexasWashington WyomingIf you reside in any of those states, you’ll take house the very best payout attainable. Which means both $294,251,812 as a money lump sum or a 30-year annuity totaling $616,764,360, in response to usamega.com.The lump sum payout in these states is $50.2 million extra in than in New York, the most-taxed state.The place you purchase the ticket issues, too, as a profitable ticket purchased exterior your private home state may set off taxes for the state through which the ticket was bought. Typically talking, your private home state would require you to report out-of-state winnings, however will supply a credit score or deduction for taxes already paid to a non-resident state.Which means for those who reside in California, however buy a profitable ticket in Oregon — which has state tax of 8% on jackpot winnings — your take-home quantity can be price about $46 million lower than for those who had bought the ticket at house in California, which does not cost state taxes on jackpots.When you do occur to win the jackpot, contemplate hiring a tax skilled. They can assist you navigate the tax implications, together with your best option of payout and whether or not you owe out-of-state taxes.The following Mega Thousands and thousands drawing is scheduled for Friday, March 22 at 11 p.m. ET.Need to make extra cash exterior of your day job? Join CNBC’s new on-line course Find out how to Earn Passive Revenue On-line to find out about widespread passive earnings streams, tricks to get began and real-life success tales. Register at this time and save 50% with low cost code EARLYBIRD.Plus, join CNBC Make It is publication to get suggestions and methods for achievement at work, with cash and in life.