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If you hit the $211 million Mega Millions jackpot, here’s what you’ll pay in taxes

If you hit the $211 million Mega Millions jackpot, here’s what you’ll pay in taxes

Finance
Before you start counting all the ways you'd use the $ 211 million Mega Millions jackpot if you're lucky enough to win, remember that a hefty chunk of the bonanza goes to Uncle Sam.The game's top prize has been climbing since late July, when a single ticket sold in New Hampshire matched all six numbers to win $ 168 million. And while the odds are stacked against players hitting the jackpot — your chance is about 1 in 302 million — the IRS is always a guaranteed eventual winner.Whether you take the prize as an annuity spread out over three decades or as an immediate, reduced lump sum, 24% is withheld for federal taxes. However, the top marginal tax rate of 37% means owing a lot more to the IRS at tax time. State taxes typically are due, as well.For Friday night's drawing, the cash option —
Mega Millions jackpot soars to $418 million. Here’s how much the winner would owe in taxes

Mega Millions jackpot soars to $418 million. Here’s how much the winner would owe in taxes

Finance
Mega Millions Jackpot estimated at $ 540 million dollars.Getty ImagesThe Mega Millions jackpot has spilled over $ 400 million and would be the ninth largest winning since the game began in 2002.With no one hitting the right numbers Friday night, the next drawing on Tuesday is at $ 418 million.The top prize has been climbing for more than two months now. Your chance of wining is 1 in about 302 million.For Tuesday night's Mega Millions drawing, the cash option — which most winners go with — is $ 263.3 million.The 24% federal tax withholding would reduce that amount by $ 63.1 million. However, the top marginal tax rate of 37% means owing a lot more to the IRS at tax time.Assuming you had no reduction to your taxable income — such as large charitable contributions — another 13%, or $ 34.2 mill
Someone hit the $267 million Mega Millions jackpot. Here's the tax bite

Someone hit the $267 million Mega Millions jackpot. Here's the tax bite

Finance
Someone in New Jersey woke up an awful lot richer on Saturday. After two months of no one hitting the Mega Millions jackpot, the $ 267 million top prize was nabbed in Friday night's drawing by a single ticket sold in the Garden State. (The winning numbers are 29, 33, 39, 60 and 66; Mega Ball 21). Of course, the winner won't end up with the advertised amount, thanks to the taxman waiting in the wings for a piece of the loot. Lottery officials are required to withhold 24 percent of big lottery wins for federal taxes. And that's only...
Mega Millions jackpot hits $415 million. How to protect your privacy if you win

Mega Millions jackpot hits $415 million. How to protect your privacy if you win

Finance
If there's a jackpot winner in the next Mega Millions drawing, someone is going to have a very, very happy New Year. The top prize has climbed to $ 415 million for Tuesday night's drawing. The last time someone hit the jackpot was Oct. 23, when a single ticket sold in South Carolina nabbed a whopping $ 1.537 billion. The owner of that valuable slip of paper, who has until late April claim the prize, has not yet come forward. Yet even when the money is claimed, the world might never know who won — winners are allowed to remain anonymous in the Palmetto State. ...
If you win the $868 million Mega Millions jackpot, here's how to maintain some privacy

If you win the $868 million Mega Millions jackpot, here's how to maintain some privacy

Finance
With the Mega Millions jackpot at a whopping $ 868 million, wannabe winners might be pondering how it would feel to come into an amount that's larger than the entire economy of some small countries. They also should consider how they'd keep their sudden windfall under wraps. While a winner's instinct might be to shout from the rooftops, experts say that one of the best ways to protect your newfound wealth is to avoid letting too many people know about it. Unfortunately, it isn't always easy to do. While some states allow winners to easily remain anonymous, others do not. And in some states, as long as you plan ahead, you can ...