The Mega Millions jackpot is the third highest in U.S. history, and if you won it you’ll likely owe taxes on the $780.5 million lump sum or annuity over 30 years. In addition to federal income tax, winners of a lottery must pay state income tax as well. In Illinois, winnings are taxed at the … Continue reading Taxes on the Mega Millions and Powerball Jackpots