How to play Powerball, Mega Millions jackpot winners under new tax laws

Also, some of the money you pay in federal taxes never comes to you first: The lottery is required to hold back 24 percent of your winnings.

"Then you need to have money for the difference between what was held back and the final tax bill," said Weston.

The state tax rates depend on where you bought the ticket. Please note that winning in a non-tax state Do not want to get rid of the hook if you live in a state where lottery winnings are taxed.

Alliance's situation is different, and big lottery winners should consult a tax advisor, along with a lawyer and financial adviser.

Of course, most people need not to worry about how a jackpot is taxed. Your chance to win Mega Millions is 1[ads1] at 302.6 million. For Powerball, it's 1 in 292 million. The chance to hit both? 1 in at least 88 quadrillion. It's 88 followed by 15 zeros.

You have a much better chance of being hit by lightning in your life: 1 of 14,600, according to the National Weather Service.

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