A Facebook post claims whoever won the $1.34 billion Mega Millions jackpot will have to pay the IRS $846.3 million in taxes based on the headline of a Forbes article. That’s not what the article says, and the actual tax payment is much lower.
By Ciara O'Rourke • July 11, 2022
The winner will eventually owe more in April when it comes time to file their income taxes, because lottery winnings are considered regular taxable income and thefor single filers with incomes above $539,900 and joint filers with incomes over $647,850 is 37%. That would mean the Mega Millions winner will ultimately end up paying the IRS about $288.7 million in taxes — nowhere near the $846.3 million as mentioned in the social media post.
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