Cashing Out: Lottery Winnings After Taxes
Last Friday everyone scrambled to get that last mega millions lottery ticket and anxiously awaited the announcement of the biggest jackpot in U.S. lottery history. A record $656 million BIG! That’s over half a billion dollars! But lottery participants aren’t the only ones excited about the lottery frenzy. Some state governments are just as ecstatic since the taxes on one lump-sum payment could mean millions in state revenue. Check out our interactive showing an example of how a much smaller (but I’ll take it) lottery winning would be taxed.
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If you are going to arbitrarily pick a jackpot to show how much you would get, why on earth would you pick $96 million and not simply $100 million?