The Mega Millions jackpot has reached the 10th largest prize ever after no winner was found on Friday. Winners have the option to choose between a one-time cash payment or a 30-year annuity option. Taxes are applicable on winnings above $5,000.
A winner could opt for a $385.1 million cash option , which would be a one-time payment in lieu of receiving the $815 million. The 30-year option gives winners one immediate payment and continues to give annual payments over the next 29 years. The payments increase by 5% each time in the annuity option , however most choose the cash option . Feeling out of the loop? We'll catch you up on the Chicago news you need to know.
Sign up for the weekly There's a mandatory 24% federal withholding for winnings above $5,000 that goes straight to the IRS. Some states tax lottery winnings as well, but states like California, Florida and Texas do not, at least initially as income.Mega Millions jackpot jumps to 10th largest prize ever after no winner was found Friday Lottery jackpots grow so large because the odds of winning are so small. For Mega Millions, the odds of winning the jackpot are about 1 in 302.6 million. Winnings will also be taxed by the federal government. There's a mandatory 24% federal withholding for winnings above $5,000 that goes straight to the IR
Mega Millions Jackpot Prize Winner Cash Option Annuity Option Taxes
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