In this case, Iowa will withhold 5 percent of the win. Sarah O'Brien Personal finance reporter. We are working to resolve the issue and apologize for the inconvenience. The federal government will withhold 24 percent of the winnings for taxes. Data also provided by. Justin Sullivan Getty Images.
Time for an update! For that game's next drawing on Tuesday night, the amount up for grabs seems paltry in comparison: Believe that six little numbers have the power to change your life forever. Using Safari.
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The chance of winning is 1 in 292 million. Download the latest Flash player and try again. Independent Programming. Share this video... In other words, both winners can expect to pay north of 45 percent in taxes. Drawings are held every Wednesday and Saturday. How to play Step 5: Top 10 lottery jackpots Rank.