If the winner were to take the lump-sum cash option of $395 million, the federal tax withholding would be $94.8 million — and more likely would be owed.
No matter how jackpot winners choose to receive their windfall — as an annuity or a one-time lump-sum payment — taxes can take a big chunk of the money.
If someone were to win this jackpot and take the cash option of $395 million, a 24% mandatory federal tax withholding would shave $94.8 million off the top.Anadolu Agency | Anadolu Agency | Getty Images Mega Millions players may be daydreaming about what they'd do with an extra $785 million, the game's current jackpot amount.After no tickets matched all six numbers drawn Friday night, the jackpot climbed again, marking the fourth time in the game's history that the top prize has gone above $700 million, according to Mega Millions officials. In the previous three instances, those jackpots ended up being worth more than $1 billion when they were won.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mega Millions jackpot reaches $785 million, sixth highest in lottery historyFeeling lucky in 2023? The Mega Millions jackpot is now at $785 million, with the next drawing on Tuesday night.
Read more »
Tuesday night’s Mega Millions Jackpot up to $785 millionFEELING LUCKY? 💰 Tuesday night’s Mega Millions Jackpot is up to $785 million — with a cash option just shy of $400 million.
Read more »
$785 million Mega Millions prize is 6th largest in US historyThe jackpot is the largest since someone in California won a record $2.04 billion Powerball prize on Nov. 8. There still has not been an announced winner of that jackpot.
Read more »
$785 million Mega Millions prize is 6th largest in US historyThe prize has grown so large because no one has matched all six of the game’s numbers for more than two months.
Read more »
Mega Millions Jackpot Booms to $785 Million for Tonight's Drawing: How to Win and MoreWe all remember how serious things got with that $2 billion Powerball. This Mega Millions jackpot is getting there. The first Mega drawing of 2023 is Tuesday night, and it’s already the sixth-largest jackpot in lottery history, ballooning to an estimated $785 million after no one nailed all the numbers Friday. That marked 22 straight drawings without anyone matching all…
Read more »