$1,337 Million Dollar Mega Millions Jackpot Finally Claimed in Illinois After Being Purchased at a Gas Station Speedway in the city of Des Plaines.
However, not all that money will end up in the pocket of the winner, since a good part could go to pay taxes, it all depends on how the winner wants the prize to be delivered.
And the tax payment depends on whether the Mega Millions winner chooses a cash payment of $780.5 million or annual payments totaling $1,337 million over 29 years.
Illinois currently withholds 29% of federal taxes and 4 .187% of state taxes on lottery prizes.
If winner chooses to accept a single payment of $949.5 million dollars, will be withheld approximately $187.3 million in federal taxes, plus $38.6 million in state taxes.
That would mean the winner would have to pay $225.9 million dollars of taxes and will receive a net payment of $554.6 million.
If the winner receives the full $1,225 million dollars in full in annual installments and tax rates do not change for the next 29 years, approximately $320.9 million in federal taxes and approximately $66. 2 million in state taxes. That means you would receive an estimated net payout of $949.9 million during 29 years.
Although the cash option is the most popular with winners, the annual payments are each 5% larger than the previous one.
“This helps protect the lifestyle and purchasing power of winners in periods of inflation”, states the Mega Millions lottery on its website.
This Mega Millions jackpot was one of the largest ever given out after a winner from South Carolina claimed a prize of $1,537 million in 2018.
“Congratulations to the Illinois Lottery for selling the winning ticket for the $1,337 million Mega Millions jackpot. We are thrilled to have witnessed one of the biggest jackpots in Mega Millions history,” Ohio Lottery Director Pat McDonald said in a statement. for knowing who won and we hope to congratulate the winner soon! Better yet, this exciting jackpot race has had a significant positive impact on the good cause revenue raised by our member lotteries,” he added.
2018
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