The amount that would be taxed on your $630 million Mega Millions jackpot winnings is listed below.

 Breaking News: The amount that would be taxed on your $630 million Mega Millions jackpot winnings is listed below.


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The $555 million Mega Millions jackpot was not won by you on Tuesday night.


Viewing the glass as half-full? Phew! You were spared a hefty tax burden.


Of course, you have another chance in the following drawing to win a windfall and then give Uncle Sam a boatload of it. The highest prize in the country's lottery game has already surpassed $500 million and is expected to be worth $630 million for Friday night's draw.

The fifth-highest reward ever awarded by Mega Millions if won at that sum, however it does not make the list of the ten largest jackpots ever won.


Additionally, there would be a huge tax burden. Taxes end up eating up a large portion of any profits, whether the award is claimed as a 30 payment annuity spread over 29 years or as an instant, reduced cash lump amount.


Right away, $86.3 million would be withheld.

The cash option for this $630 million prize is $359.7 million, which is what the majority of winners pick. Your earnings would be reduced by $86.3 million if a mandatory 24 percent federal tax withholding were applied to that sum.


You might expect to owe more at tax time, though, as the top federal marginal tax rate is 37 percent, which is applicable to income beyond $539,900 for single taxpayers and $647,850 for married couples filing jointly.


Right away, $86.3 million would be withheld.

The cash option for this $630 million prize is $359.7 million, which is what the majority of winners pick. Your earnings would be reduced by $86.3 million if a mandatory 24 percent federal tax withholding were applied to that sum.


You might expect to owe more at tax time, though, as the top federal marginal tax rate is 37 percent, which is applicable to income beyond $539,900 for single taxpayers and $647,850 for married couples filing jointly. You might expect to owe more at tax time, though, as the top federal marginal tax rate is 37 percent, which is applicable to income beyond $539,900 for single taxpayers and $647,850 for married couples filing jointly.


According to the American Institute of CPAs, charitable thinking can help you pay less in taxes: You can provide financial donations to public charities or donor-advised funds up to 60% of your adjusted gross income and receive a tax credit for the amount in the year you make the donation. Additionally, you may establish a private foundation, make donations to it, and later decide how to use it.


The IRS would be owed an additional 13%, or $46.7 million ($133 million total), if your income did not decrease.


The windfall would then be reduced to $226.7 million.


State taxes could potentially be either owed or withheld. Depending on where you bought the ticket and where you live, those taxes could be more than 10%, unless you reside in a state without income tax or one in which lottery winnings are not taxed.


The profit would be more than most people see in a lifetime, even after a significant tax bill. It is advised that jackpot winners put together a team of experts, including an attorney, financial counselor, and tax advisor, to help them manage the claiming procedure.


One in 302 million chances exist that a single Mega Millions ticket will match every one of the six numbers that were selected. It's one in 292 million for Powerball, whose estimated $101 million jackpot will be drawn on Wednesday night.





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