Lifestyle

The Winner Of The Mega Millions $1.28 Billion Will Only Get To Keep About $433 Million After Taxes

I will never forget watching game shows with my parents as a kid or seeing signs of the Mega Millions and saying to my dad:

“Man, can you even imagine winning all that money?”

He always reminded me that the government will tax the ever living Bejesus on whoever wins that money and the winners only get a percentage of the money.

Of course, I never really had any idea exactly how much money was being deducted from those tax profits, but after reading this I am absolutely confused.

A lucky winner in Illinois recently hit the $1.28 billion jackpot in the Mega Millions lottery, reportedly the second largest total in Mega Millions history forbes

However, if you want the money right now, you can only keep $747.2 million.

Yes, but…. that’s still enough money to live comfortably for generations. I think every American on this planet would still be perfectly happy with $747.2 million, but little did I know that after the original tax, the lump sum shrank even more.

After the $742.2 million, the IRS will charge you a 24% withholding tax, bringing the total to $567,872,000.

Additionally, the state of Illinois has a 4.95% state income tax, which deducts another whopping $37 million from the $567 million, meaning the Mega Millions winner only earns about $433.7 million. dollars will be kept.

I know, I know, $433.7 million is way more than enough to never have to worry about money again, but I can’t help but think of the people who made a lot less money in the Mega Millions in the past won, and how your winnings probably weren’t even on the order of what you thought you were winning.

If you live in a state with a high income tax, good luck.

The government, man…

https://www.whiskeyriff.com/2022/08/05/the-winner-of-the-mega-millions-1-28-billion-will-only-get-to-keep-about-433-million-after-taxes/ The Winner Of The Mega Millions $1.28 Billion Will Only Get To Keep About $433 Million After Taxes

Skyred

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