Mega Millions jackpot hits $830M. Here’s how much taxes you’d pay.

 

The Mega Millions $830 million jackpot for Tuesday's big lottery drawing is massive, but so is the potential tax bill if someone hits all the winning numbers.

 

So how much money could a Mega Millions ticket that overcomes the long odds actually take home?  

 

Nearly all lottery winners over the years have opted for the cash option and receive the money in one lump sum rather than the annuity, which is always the advertised jackpot.

https://www.nj.com/lottery/2022/07/mega-millions-jackpot-hits-830m-heres-how-much-taxes-youd-pay.html

 

And that tax bill would be $117,086,000 or 24% in Federal Taxes.  After that there are state taxes.

 

 

 

If I won that amount I would not care about the tax!

This is one of the few advantages of being Canadian. Lottery winnings are not taxed. Neither are inheritances. Neither are casino winnings. 

What would you do about all the begging letters if you won.

 

Would you still send them?

 

 

Edited July 27, 20223 yr by Chomper Higgot

Now it's at a $ 1 Billion:

 

All your pressing Mega Millions questions, answered

The Mega Millions lottery is a draw for many who want just that — a chance at winning millions of dollars — but especially when the jackpot balloons to astronomical amounts. As the amount grows, so does the hype, with many rushing to local convenience stores to join in on the gamble.

 

But if you've never played Mega Millions or even another lottery game, you might not know where to start — or if you even want to play. Here are some things you might want to know before you decide.

 

The next drawing is Friday at 11 p.m. ET, and folks, this is one of the big ones. The Mega Millions jackpot is at $1.025 billion. It's the third largest jackpot in Mega Millions history and only the third time for the jackpot to be above $1 billion.

https://www.npr.org/2022/07/27/1113907119/mega-millions-lotto-1-billion