How Does the Mega Millions Lottery Payout Work?

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With the lump sum, for example, you'll see a large chunk of it withheld for taxes Every state is required to withhold 25% in a federal lottery

Under the lump sum route, the winner's payout would be reduced by a mandatory 24% federal tax withholding, cutting the prize to just under If someone chooses the lump sum option, then the payout is actually much less, CNN reports Specifically, for this current Mega Millions number, the jackpot

play slot machine games for free What exists is that lump sum,” Carolyn Becker, deputy director of public affairs and communications for the California Lottery, told Nexstar lottery winner who elects to take a $1 million prize that would have been paid out over 20 years only gets $456,387 as a lump sum today (or less if an