Here’s the tax bill on that $450 million Mega Millions win

Wealth


One lucky winner in Florida is poised to take home the $450 million Mega Millions jackpot.

The winning numbers for Friday’s drawing were 28, 30, 39, 59 and 70, plus Mega Ball 10.

The $450 million jackpot ranks as the fourth largest in the game’s history, and the second largest awarded to a single ticket. At least for now, it’s also the 10th largest jackpot in U.S. history.

Of course, that lucky winner won’t walk away with the full amount. If the winner opts to take the $281.2 million lump sum, lottery site USAMega.com estimates the federal tax withholding would be $70.3 million. That is just the amount withheld up front; the final tax burden is likely to be even higher.

Yet the winner has an extra bit of luck: Florida does not have a state income tax. Compared to other states’ rates, that’s a savings of up to $24.8 million in taxes withheld up front.



Source link

Products You May Like

Articles You May Like

Southwest Airlines sues startup that monitored airfare changes
Here’s how to assess your portfolio in a bull market
Trump considers big ‘fine’ over China intellectual property theft
Britain’s Carillion collapses as banks refuse to lend it any more money
Boris Johnson wants to build a bridge to France

Leave a Reply

Your email address will not be published. Required fields are marked *