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Mega Millions Jackpot is at $1.35 Billion dollars…….again drawing Friday 1/13/23

WilberDMillz said:
I'm not doubting any of this but are you sure?
Id take the lump sum so I only pay taxes once. If you take the payments you will still have to file taxes every year wouldn't you?

My assistant retired last year, he was in a program where when you retire they give you like 120k if you stay the entire 7 years of the program. He only stayed in it for 5 years. his payment was 90k. They gave him the option of lump some or payments. He took the payments, instead of 68k lump sum after taxes. He stated the same thing you did about it being taxes less over payments. After getting more information we found out that wasn't the case.....each of his payments is taxed so over the payment period he go end up paying the same taxes as if he took the lump sum.
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You can't outsmart the IRS.

They have all the cards and call all the shots.

They literally make their own rules.
 
Hustlelitó said:
The jackpot is 850 mil

Take out 24% for federal taxes

850-204= 646 mil

Depending on what state you in pay taxes in that state but tx don’t have income tax

646 mil spread over 30 years

21.5 mil plus interest a year

No way in hell I’m burning through 21 mil in a year
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The payments aren't evenly spread over the years. The payments gradually increase every year and then the last year in year 30 is the largest single payment.

For example if you would've taken the payment option on the Mega Millions when it was $670M the payment in year one would've been $7M and year 30 would've been $30M.

There's a website that breaks down the taxes and payments for every state for every jackpot should you win.
 
If I don't win I always hope that the winner is a group of people at a job or something. It makes me feel a little better when I see that the winnings are being split among multiple people.
 
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