Winning a Mega Millions lottery prize can change your life. However, players must be aware that Mega Millions winnings are subject to both federal and state tax. The amount of tax payable varies from jurisdiction to jurisdiction and residence status in states such as Arizona and Maryland can also affect take home winnings. Mega Millions jackpot of $1.6 billion could also land you a historic tax bill if you win. Here's what you can expect to pay. Skip to Content. Open Menu. Open search form. close overlay. Retail. These Stores Are Open—and Closed—on. Update 10/23/18: This post has been updated to reflect the new $1.6 billion Mega Millions jackpot. Tuesday’s Mega Millions jackpot has reached a record $1.6 billion, but what the winner will actually take home depends on picking the annuity or the lump sum payment—and, of course, taxes. The Mega Millions jackpot is at a record-high $868 million after nobody won Tuesday's drawing. That said, if you were to test chance and actually happened to win, you wouldn't necessarily take home the full prize as advertised, according to estimates. Taxes on Mega Millions of lottery winnings are a Federal tax and these Mega Million lottery taxes vary from state to state. The exact cash value of Mega-Million after taxes is much less as there are a plethora of state taxes that are levied. You need to be a brave heart to be in.

24/10/2018 · If the South Carolina Mega Millions winner is the only jackpot winner tonight, they’ll still be taking home a lot less than $1.6 billion once taxes are assessed. In fact, if the South Carolina winner is the only Mega Millions winner and they choose the lump sum cash option, they’ll be taking. If you win a Mega Millions jackpot, you will choose how to be paid: Cash Option or Annual Payout. Prize claim parameters vary from state to state. Contact your Mega Millions lottery for detailed information. Annuity option: The Mega Millions annuity is paid out as. 23/10/2018 · With no lotto winner, the combined Mega Millions and Powerball jackpots stand at an astounding $2.2 billion. Yes, billions. The Mega Millions jackpot has reached $1.6 billion while the Powerball pot is up to $620 million. Even if the tax withholding doesn't cover it. Here we present a Mega Millions calculator, where you can calculate the expected value of your ticket based on past sales figures, the jackpot, and known odds about the jackpot itself. For details, sources, and methodology on the mega millions calculator well,. Enter an amount for instance, if it's 38 million, only enter '38' Then, click on the 'Calculate' button; The Calculator will then calculate the lump sum payout plus that amount after federal only taxes, along with the average yearly annuitized payout amount plus that amount after federal only taxes for the megalottery you choose.

18/10/2018 · DES MOINES, Iowa – Despite the terrible odds – one in 302.5 million for those keeping score at home – someone will eventually match all six numbers and win the Mega Millions jackpot, now at $900 million. It could happen as soon as Friday night, when the next drawing is held, leaving most of us.