If a single ticket wins the Mega Millions jackpot in two days, the lucky winner won’t ever see the full $480 million. Instead, the individual will give a considerable portion of the haul to the federal government, and potentially to their home state.<\/p>\n
If the winner opts for the full $480 million prize paid out over a 30-year annuity, the winner would net $10.117 million a year after paying the federal government approximately $5.88 million annually in taxes. State taxes could further lower the take-home amount.<\/p>\n
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If the winner goes for the one-time lump cash option, which is typically the preferred payment route for major lottery winners, the person would stand to receive $276 million. But after the feds take its effective 37% cut, the prize would be reduced to $173.9 million.<\/p>\n<\/div>\n
States tax lottery winnings in varying ways. Nine states do not tax lottery wins at all: California, Delaware, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming.<\/p>\n
Others take a large cut, like Maryland’s 8.95% lottery tax. DC levies the highest lottery tax at 10.75%.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Mega Millions draw this Friday, July 15, will feature a jackpot worth an estimated $480 million ($276 million cash value). At nearly half of a billion dollars, this week’s draw is expected to be one of the interstate lottery game’s 10 largest jackpots in Mega Millions history. The July 15 jackpot, lottery officials say, […]<\/p>\n","protected":false},"author":25,"featured_media":221006,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,13699],"tags":[],"acf":[],"yoast_head":"\n
Mega Millions Approaching Unprecedented Territory, Friday Jackpot $480M<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n