The Mega Millions jackpot has reached $1.15 billion, the fifth-largest in history, ahead of Friday’s drawing. Veuer’s Maria Mercedes Galuppo has the story.
Category
🗞
NewsTranscript
00:00The Mega Millions jackpot has reached $1.15 billion, the fifth-largest in history, ahead
00:06of Friday's drawing.
00:08But how much you take home depends on taxes.
00:11Federal taxes will take about 37% of your winnings, and state taxes range from 3 to
00:176%.
00:18However, eight states—California, Florida, New Hampshire, South Dakota, Tennessee, Texas,
00:24Washington, and Wyoming—don't tax lottery winnings, meaning you keep the full payout.
00:29In most cases, winners opt for the lump sum, which would be around $325 million after taxes.
00:36Choosing the annuity could give you $725 million over 30 years, but taxes can vary significantly
00:43by state.
00:44If you win—and I hope you do—consult a tax professional to find the best payout option.