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The one-time cash payment for the $1.28 billion winner is estimated at approximately $433,786,645, according to USA Mega. That’s the take-home amount after paying the federal tax rate of 24% ...
As previously mentioned, you have to pay federal income tax on lottery winnings. Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24%.
For the $1.1 billion jackpot, you’d get 30 average annual payments of $36.6 million. But after federal taxes — amounting to more than $13 million — the net total per year would be around $23 ...
www.megamillions.com. Mega Millions (originally known as The Big Game in 1996 and renamed, temporarily, to The Big Game Mega Millions six years later) is an American multijurisdictional lottery game. The first drawing took place on September 6, 1996, with six participating states, Georgia, Illinois, Maryland, Michigan, Massachusetts, and Virginia.
Lottery winnings are subject to federal income tax at a rate of 24 percent, and Florida does not tax lottery winnings. The odds of winning the Powerball jackpot are steep — about 1 in 292.2 million.
And if you do win, keep in mind the federal government takes a 24 percent cut of any prize worth $5,000 or more. Most jackpot winners take the lump sum — that’s $382.5 million for Saturday’s ...
The jackpot soared after no ticket matched all six numbers drawn Tuesday: 8, 24, 30, 45, 61 and the Mega Ball of 12. Jackpot winners have two options — to collect winnings through an annuity ...
A lucky player in Maine won the second-largest jackpot in Mega Millions' 20-year history -- a sum of $1.35 billion -- on Jan. 13, 2023. Stimulus Update: Child Tax Credit Expansion Still ...