Someone nabbed the $410 million Mega Millions jackpot. Now, here's the tax bill
For this jackpot, the cash option — the choice most winners go with — is $316.8 million. The required 24% federal tax withholding would reduce that amount by $76 million., which would mean another $15.2 million getting shaved off the top.
In other words, that $316.8 million cash option would be reduced by $91.2 million, leaving the winner with $225.6 million headed for their bank account.The top marginal income tax rate at the federal level is 37%. If there are no reductions to the winner's taxable income — such as large charitable contributions — another 13%, or $41.2 million, would be due to the IRS at tax time .
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