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How Much of the Mega Millions Jackpot Will the Winner Receive After Taxes?

The winner of the Mega Millions jackpot, which is currently sitting at 1.33 billion dollars, has not yet come forward to claim its prize. The winning lottery ticket was purchased on Friday night by an individual from Illinois, and the drawing itself took place on Friday evening.

At this moment, the jackpot for the Mega Millions lottery is sitting at a whopping $1.337 billion, making it the second-largest jackpot in the game’s entire history.

For the winner to be eligible to receive the prize, they have one year from the date of the drawing to submit a claim for it.

They only have sixty days to make a decision in Illinois regarding whether or not they want the one-time payment or the annual payments.

When it comes to winning the lottery jackpot, some people have unbelievable good luck, while others have unbelievable bad luck.


After taking into account the one-time payment, the overall gains amount to close to $747 million before taking into account taxes that must be paid to the federal government, state governments, and local governments.

The amount of money that has been granted will be lowered to $567 million once it has been determined how much the Internal Revenue Service (IRS) will be paid for its portion of the prize, which accounts for twenty-four per cent of the total value.

As a consequence of the claimant’s financial status and the findings of research that was conducted by Forbes, the claimant has been placed into the highest tax band that is legally feasible as a result of the winnings they have received.

As a consequence of this, they are currently accountable for the payment of an additional 97 million dollars in taxes that are owed to the government.

From the looks of things, a significant payment will be delivered to the Internal Revenue Service on or around the 15th of April.

But don’t forget state taxes. The percentage of their total taxable income that will go toward paying the state income tax that Illinois citizens are required to pay might be anywhere from 4.95 per cent to 5.15 per cent of that total income.

As a direct result of this, an additional tax burden that is equal to $37 million will be imposed.

When all is said and done, the winner will walk away with prize money valued at nearly $433 million. They will receive this much in financial assistance altogether.

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One payment will be made immediately, and the remaining 29 payments will be made on an annual basis if the winner chooses to receive their annuity in this manner instead of receiving it all at once.

Each and every one of your payments are going to be increased by 5 percentage points in comparison to the payment that came before it.

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