While the windfall would be a life-changing bonanza, a good portion of it will go to taxes.
The cash option — which most winners choose — is about $315 million for this Mega Millions jackpot.
This winning ticket was purchased in New York City, which means that on top of a 10.9% state tax withholding, another 3.876% would be shaved off the top for local coffers.Whoever is holding the winning ticket for the $432 million Mega Millions jackpot is about to discover what a huge tax bill really looks like.
Winners get to choose between taking their prize as either a lump sum or an annuity paid over 30 years. For the $432 million Mega Millions jackpot, the cash option — which most people go with — is about $315 million.
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