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Mega Millions jackpot leaps to $600 million. Here’s how much the winner would pay in taxes

Finance
Drew Angerer | Getty Images News | Getty ImagesNo, you didn't hit the $ 520 million Mega Millions jackpot.The lottery game's top prize has climbed to a whopping $ 600 million for Tuesday night's drawing, following no ticket matching all six numbers drawn Friday night. The amount marks the 8th-largest jackpot in lottery history. And Powerball's jackpot, meanwhile, is an estimated $ 470 million for Saturday night's drawing.Of course, the advertised amounts are not what winners would end up with. Lottery officials are required to withhold 24% of big wins for federal taxes. And that's only the start of what you would pay to Uncle Sam and, typically, state coffers.More from Personal Finance:Some newlyweds face a marriage tax penaltyHere are three of my worst money mistakesAvoid mistakes when...

Here’s why Powerball and Mega Millions jackpots aren’t reaching giant amounts anymore

Finance
A customer shows purchased tickets for the Powerball lottery at a lotto store in San Bernardino County, California, January 9, 2016.Gene Blevins | ReutersIf you're one of those people who only buys a lottery ticket when the jackpot climbs into the stratosphere, you could be waiting a while.The Mega Millions jackpot for Tuesday's drawing is $ 86 million, and Powerball's top prize is $ 91 million for its drawing on Wednesday. While those would be life-changing windfalls for most winners, the amounts pale in comparison to some claimed in the past — including two worth more than $ 1.5 billion, one each in 2016 and 2018.On the heels of pandemic-related stay-at-home orders and shutdowns earlier this year, officials for both games announced in early April that starting jackpots would no longer...
Mega bank mergers working smoothly without heartburns: Bank employees union

Mega bank mergers working smoothly without heartburns: Bank employees union

Finance
Chennai: The amalgamation of 10 public sector banks into four has been working smoothly for the past two months without any heartburns as the employee benefit schemes have been extended to all the employees, said a top official of All India Bank Employees' Association (AIBEA). The AIBEA is the largest union in the banking sector representing the workmen category. According to C.H. Venkatachalam, General Secretary, AIBEA, while the information technology (IT) systems of the ten banks that were amalgamated into four are yet to be integrated, the amalgamation is working smoothly till now. "Each bank had its own employee benefit schemes. The scheme that is most beneficial to the employees were extended to all the employees of the amalgamated entity. This way heartburns were not created," Venka...
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...