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      • Cash payout lump sums are typically equal to 60% of the total jackpot amount, according to an article by State Farm. For this $119 million jackpot, the cash option payout is $57.7 million, according to the Mega Millions website.
  1. Oct 29, 2019 · How much is lump sum for Mega Millions? Winners typically get six months to a year to claim their prize, meaning there’s generally no need to rush to lottery headquarters. The lump sum option — which most winners choose over an annuity — for this jackpot is $254.1 million. How does the payout work for Mega Millions?

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  3. Take out a 24% federal tax — or $8.8 million — as well as $4.7 million in additional federal taxes, and the winner is left with $23,137,045 each year, the website states. In 30 years, the winner would net about $647 million if they chose to be paid annually. That would be option one. View complete answer on

  4. Sep 09, 2022 · The lump-sum, cash option — which most winners of big lottery jackpots choose — for this $1.34 billion prize is $780.5 million. The amount would be reduced by a 24% federal tax withholding, or...

  5. Mega Millions Jackpot Analysis Media: You may freely use any information on this page, but you must credit The tax information provided here is based on 2022 federal marginal rates and state tax rates. We show both the initial mandated federal withholding of 24% as well as the remaining federal taxes that will be due.

    Gross Prize 30 average annual payments of ...
    Cash: $172,300,000
    - 24% federal tax - $2,664,000
    - $41,352,000
    - Add'l federal taxes due (37% final ...
    - $22,361,955
    Subtotal $7,030,045
  6. Jul 28, 2022 · According to a personal finance expert, taking all your jackpot lotto winnings at once leads to greater problems than just a tax-induced headache. The Mega Millions Jackpot swelled to $1.02...

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