My first try at this jackpot was a win, but not the grand prize. I bought 3 tickets with the multiplier, so that’s a $9 investment with a $4 payoff after I matched the Megaball on one ticket. So time to reinvest.
But how much will I actually get if I win? (And don’t have to split the pot)
Mega Millions $340 million jackpot drawing is on Friday, and no one will be bringing home that amount because of TAXES. We know this, but how much exactly do we lose?
Regardless of whether the winner chooses to take payments or a reduced lump sum, 24 percent of the jackpot will be withheld for federal taxes, says April Walker from the American Institute of CPAs. In the case of Friday’s drawing, the lump sum payment will be $230.8 million. Minus the initial government taxation, it drops another $55.4 million. And that’s just the beginning. Come tax time, Uncle Sam will take another 13 percent, which comes out to another $30 million. “There is still a sizable tax bill coming, for sure,” Walker says.
When all is said and done, the $340 million winner will be left with about $145 million, while the government will be $85 million richer.
I’ll still take it! I tried out the Illinois lottery app to buy my tickets from home for this game, a first for me, and it was easy and awesome. Plus, they check your numbers for you and send you great emails!
I highly recommend it.
May the odds be ever in my favor to get this amazing email again.
12/12/19
