With no ticket matching all six numbers drawn Tuesday night, the jackpot has surged to $630 million for Friday night’s pull, giving everyone another shot to land a windfall — and then give a boatload of it to Uncle Sam
If won at that amount, it would mark Mega Millions' fifth-largest prize ever, but does not crack the top 10 biggest jackpots of all time.
One way to reduce your tax bill is to think charitably, according to the American Institute of CPAs: You can contribute cash, up to 60% of your adjusted gross income, to a public charity or a donor-advised fund and get a tax deduction for the amount in the year you make the donation. You could also create a private foundation, donate income to it and then determine over time how to employ it. That would reduce the windfall to $226.7 million.
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