Cashing Out: Lottery Winnings After Taxes

Tax Planning

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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  1. 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?

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