A huge chunk of lottery winnings are subjected to large federal tax withholdings and, in some cases, state and city taxes, too.
Key Facts
If the winner opts for an immediate cash lump sum–the most popular option among lottery winners–they’ll take homeThey also have the option to take the full $1.28 billion prize before taxes paid out over 29 years with 30 annual payments of $42.6 million, on average. Federal lottery withholdings and additional taxes at a higher bracket would leave the winner with $470.7 million if they choose the cash prize, and $26.9 million a year if they take the annual payments.This Mega Millions round marks the third time the lottery’s jackpot has exceeded $1 billion. The lottery’s largest jackpot in history was $1.54 billion in 2018, and was awarded to an anonymous resident of South Carolina.
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