The Mega Million Jackpot has grown to an estimated $910 million- among the largest in Mega Millions history. If anybody matches all six numbers, how much will the winner get after taxes?
Two Options For The Payout of the Mega Million Jackpot
The Mega Million Jackpot has grown to an estimated $910 million, and it is the eighth largest history in the United States after no tickets matched all six numbers drawn last Tuesday night. But if anybody matches all six numbers, their Mega Million Jackpot prize will get smaller after taxes.
There are two options for the payout of the Mega Million Jackpot. They can choose a lump-sum payout of $462.2 million or 30 years of annuitized payments. The two options of the Mega Million Jackpot are both pretax estimates, according to lottery officials.
The Mega Million Jackpot has a 24% federal withholding that will go straight to the Internal Revenue Service (IRS). So it automatically reduces your prize by more than $111.4 million. A winning above $5,000 is required to give 24% to the IRS after winning the Mega Million Jackpot.
The Mega Million Jackpot winner will also have to pay state taxes
The Mega Million Jackpot will pay for where you live and where you bought the ticket. But some states don’t tax lottery winnings.
The lucky winner of the Mega Million Jackpot has one year from the drawing to claim their prize.
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