The post Nearly $1 Billion Mega Millions Ticket Sold—Here’s What The Winner Owes In Taxes appeared on BitcoinEthereumNews.com. Topline A Mega Millions ticket sold in Georgia won the $980 million jackpot Friday, the eighth-largest since the game began in 2002, but the lucky winner faces a hefty tax bill. Lottery tickets for the Mega Millions lottery are purchased from a liquor store where winning tickets have been sold on December 27, 2024 in Hawthorne, California. (Photo by FREDERIC J. BROWN/AFP via Getty Images) AFP via Getty Images Key Facts The six winning tickets drawn Friday, purchased from a Publix in Newnan, were 1, 8, 11, 12, 57 and gold Mega Ball 7. The jackpot had been growing since the last winner, in Virginia, was awarded a $348 million prize in June. The winner can choose to receive the $980 million prize in 30 annual installments or a lump sum cash payout of $452.2 million in cash—the preferred option for most winners. If the winner picks the cash prize, their winnings will first drop to around $343.7 million after a mandatory federal withholding of 24% is applied. The winner would likely face a federal marginal rate as high as 37%, depending on their taxable income, further reducing the winnings to around $284.9 million. If the installment route is chosen, the winner’s annual payments of around $32.6 million would fall to $20.5 million annually based on the current 37% top federal income tax rate. Georgia taxes lottery winnings as ordinary income, and the state has a flat income tax rate of 5.19%, meaning the winner would also end up owing just under $23.5 million in taxes on the jackpot’s lump sum. In all, if the winner takes the lump sum, they will likely end up taking home around $261.4 million after paying $190.8 million in taxes. Big Number 1 in 290.5 million. Those were the odds of matching all six… The post Nearly $1 Billion Mega Millions Ticket Sold—Here’s What The Winner Owes In Taxes appeared on BitcoinEthereumNews.com. Topline A Mega Millions ticket sold in Georgia won the $980 million jackpot Friday, the eighth-largest since the game began in 2002, but the lucky winner faces a hefty tax bill. Lottery tickets for the Mega Millions lottery are purchased from a liquor store where winning tickets have been sold on December 27, 2024 in Hawthorne, California. (Photo by FREDERIC J. BROWN/AFP via Getty Images) AFP via Getty Images Key Facts The six winning tickets drawn Friday, purchased from a Publix in Newnan, were 1, 8, 11, 12, 57 and gold Mega Ball 7. The jackpot had been growing since the last winner, in Virginia, was awarded a $348 million prize in June. The winner can choose to receive the $980 million prize in 30 annual installments or a lump sum cash payout of $452.2 million in cash—the preferred option for most winners. If the winner picks the cash prize, their winnings will first drop to around $343.7 million after a mandatory federal withholding of 24% is applied. The winner would likely face a federal marginal rate as high as 37%, depending on their taxable income, further reducing the winnings to around $284.9 million. If the installment route is chosen, the winner’s annual payments of around $32.6 million would fall to $20.5 million annually based on the current 37% top federal income tax rate. Georgia taxes lottery winnings as ordinary income, and the state has a flat income tax rate of 5.19%, meaning the winner would also end up owing just under $23.5 million in taxes on the jackpot’s lump sum. In all, if the winner takes the lump sum, they will likely end up taking home around $261.4 million after paying $190.8 million in taxes. Big Number 1 in 290.5 million. Those were the odds of matching all six…
Nearly $1 Billion Mega Millions Ticket Sold—Here’s What The Winner Owes In Taxes
A Mega Millions ticket sold in Georgia won the $980 million jackpot Friday, the eighth-largest since the game began in 2002, but the lucky winner faces a hefty tax bill.
Lottery tickets for the Mega Millions lottery are purchased from a liquor store where winning tickets have been sold on December 27, 2024 in Hawthorne, California. (Photo by FREDERIC J. BROWN/AFP via Getty Images)
AFP via Getty Images
Key Facts
The six winning tickets drawn Friday, purchased from a Publix in Newnan, were 1, 8, 11, 12, 57 and gold Mega Ball 7.
The jackpot had been growing since the last winner, in Virginia, was awarded a $348 million prize in June.
The winner can choose to receive the $980 million prize in 30 annual installments or a lump sum cash payout of $452.2 million in cash—the preferred option for most winners.
If the winner picks the cash prize, their winnings will first drop to around $343.7 million after a mandatory federal withholding of 24% is applied.
The winner would likely face a federal marginal rate as high as 37%, depending on their taxable income, further reducing the winnings to around $284.9 million.
If the installment route is chosen, the winner’s annual payments of around $32.6 million would fall to $20.5 million annually based on the current 37% top federal income tax rate.
Georgia taxes lottery winnings as ordinary income, and the state has a flat income tax rate of 5.19%, meaning the winner would also end up owing just under $23.5 million in taxes on the jackpot’s lump sum.
In all, if the winner takes the lump sum, they will likely end up taking home around $261.4 million after paying $190.8 million in taxes.
Big Number
1 in 290.5 million. Those were the odds of matching all six numbers.
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