Now that some lucky person/people have won $314 million in the latest Powerball lottery and Megamillions is at $325 million, I would like to know how much I (thinking positive here) will have after taxes if I take the lump sum payout on Megamillions? Hey, I'm dreaming but want to dream actual figures!
I've heard it's about 1/4 the actual jackpot as if you take the lump sum payout, it's a little less than half the advertised jackpot and then about 1/3 to 1/2 goes to the IRS with the remainder for you. So with the Megamillions being at $325 million, I'm guessing that I will end up with about $80 million. But keeping such a win in perspective, it would only buy me four trips on a Russian space journey or allow me to leave $12 million each to six pet dogs with change.
2007-08-29 13:46:38 · 3 answers · asked by GentleheartedOne 2 in Games & Recreation ➔ Gambling
Count on about half. But with odds at over 150 million to one, don't count on it that much.
2007-08-29 13:53:10 · answer #1 · answered by ZCT 7 · 0⤊ 0⤋
If you are in California, the Mega Millions and Super Lotto "lump sum" prizes are listed on the Lotto Web site. Subtract about 35% to see what you would have after taxes, if you take the lump sum option. You will be thrown into the highest tax bracket, which is about 35%. If you live in California, however, at least you won't have to pay California income tax, which would run about 10% on top of that.
2007-08-29 14:38:13 · answer #2 · answered by Califrich 6 · 1⤊ 0⤋
On a jackpot that big you wont even get half, on a jackpot for say 300 million right away Uncle Sam takes half, then thay tax you on the rest, you will probably wind up with 75 million, still enough where you will never have to work again. WOO HOO!!!!!
2007-09-01 14:53:12 · answer #3 · answered by paul s 4 · 0⤊ 0⤋