The $470.1 million would then be subject to an effective federal tax of 37%. After the US government takes its roughly $173.9 million cut, the winner would be left with approximately $296.2 million.<\/strong><\/p>\nThat prize could be further reduced through state taxes and costs associated with hiring financial advisors and\/or lawyers to advise on the winning payout.<\/p>\n
States vary in how they tax lottery wins. Nine states do not levy any tax on lottery wins, while others impose hefty tariffs.<\/p>\n
The worst state to win a Mega Millions jackpot is Maryland, which would subject the $296.2 million jackpot to an 8.95% tax. That would further reduce the net prize by more than $42 million.<\/p>\n","protected":false},"excerpt":{"rendered":"
Tonight’s Mega Millions jackpot is an estimated $810 million, the third-largest prize in the history of the interstate lottery game. Mega Millions officials initially projected that the July 26 jackpot would be around $790 million. But with the generation-changing sum on the line, and media headlines prompting millions of typically non-lottery players into buying a […]<\/p>\n","protected":false},"author":25,"featured_media":223110,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,13699],"tags":[13701,81996],"acf":[],"yoast_head":"\n
Mega Millions Dreamers Hoping for Life-Changing Luck Amid $810M Draw<\/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