Mega Millions jackpot soars to $418 million. Here's how much the winner would owe in taxes
Assuming you had no reduction to your taxable income — such as large charitable contributions — another 13%, or $34.2 million, would be due to the IRS. That would be $97.3 million in all going to Uncle Sam.Then there are state taxes, which range from zero to more than 8% depending on where the ticket was purchased and where the winner lives.
Nevertheless, the after-tax amount would be life changing. Experts say large lottery winners should assemble a team of experienced professionals — an attorney, a tax advisor and a financial advisor — to help navigate the windfall. The last time there was a top-prize winner was on March 28, when a Wisconsin man nabbed a $768.4 million jackpot. Manuel Franco, who claimed his haul in late April, chose the lump sum cash option of $477 million. After federal and state tax withholdings, he received $326 million.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Mega Man Battle Network’ fans may have found its spiritual successor“One Step From Eden” looks to bring back the grid tactics and deck building “Battle Network” fans have been missing.
Read more »
Pokémon Go-style augmented reality Harry Potter Wizards game from Niantic poised to be a mega-hitOut of nowhere in July 2016 Pokémon Go became a global gaming sensation and brought in $2 billion in revenue. Harry Potter: Wizards Unite, a new augmented reality venture is poised to be another megahit for gaming start-up Niantic, which emerged from within Google and has Nintendo funding.
Read more »
SpaceX Launches First Starlink Satellites In Space Internet BattleSpaceX has successfully launched its first batch of Starlink satellites, a planned satellite mega constellation that aims to provide internet from space to billions of unconnected people around the world.
Read more »
Shepard Fairey and 30 other artists turn Maya Angelou school into an outdoor galleryLos Angeles Unified School District creates another mega-mural project, this one in South L.A., following controversy with a similar project in Koreatown.
Read more »
The race is on to make the next ‘Game of Thrones’Warring houses. Massive spending. The Hollywood battle to make the next mega-hit looks a lot like the war in Westeros.
Read more »
Saudi Arabia wants to buy tons of American natural gasIn a sign of shifting energy fortunes, Saudi Aramco announced a mega preliminary agreement to buy 5 million tons of liquefied natural gas per year from a Port Arthur, Texas, export project that's under development
Read more »
Novartis CEO plans gene therapy price 'far lower' than $4 million to $5 million rangeNovartis AG's top executive said on Wednesday it expects to price its gene ...
Read more »
Trump's golf trips reportedly cost $102 million, just $12.7 million less than all of Obama's presidential travelThe amount of money spent by Trump in just over two years in office emphasizes the disconnect between statements offered during his campaign and his conduct while president.
Read more »
A teen who was homeless scores more than $3 million in college scholarshipsMemphis high school senior Tupac Mosley maintained a 4.3 GPA, scored a 31 on his ACT, and was named valedictorian -- all while dealing with the death of his father and the lack of a permanent home.
Read more »
MoviePass' parent company says it lost over $266 million last yearMoviePass' parent company, Helios and Matheson Analytics, reported a loss of over $266 million last year in its annual filing to the SEC.
Read more »