Mega Millions: How Much Tax Should I Pay If I Win the $1.28 Billion Jackpot

Mega Millions has been one of the most attractive raffles in the US, ever since The jackpot reaches hundreds or even a billion dollars, like on Friday.

Jackpot win Megamillion As of July 29, it was $1.28 billion ($747.2 million in cash). Thanks to the accumulated amount, it is the third highest prize of any lottery in the country and the second of the aforementioned raffle after October 23, 2018, the Mega Millions jackpot reached 1,537 billion.

Lot Mega Millions is played in 45 entities in the United StatesExcept for Alabama, Alaska, Hawaii, Nevada, and Utah. Also, this lottery can be played on eDistrict of Columbia and Virgin Islands.

Mega Millions drawings are held every Tuesday and Friday at 11:00 PM Eastern Time The cost of the ticket to participate is 2 dollars

It may interest you: United States lottery | Can an unregistered immigrant get Mega Millions or Powerball prizes?

Mega Millions: How Much Tax Should I Pay If I Win the $1.28 Billion Jackpot

It is important to take into account some factors to make the right of collection rightbecause some rules often differ from state to state, including taxes.

To collect a prize, it is necessary to purchase a lottery ticket in the United States. In addition, in the case of undocumented immigrants, it is necessary to have an identity document issued by the country of origin, such as a passport.

In the case of taxes, this is higher for non-citizenswho must pay between a 30% and 40%, In addition to state taxes, while US citizens pay between 25 and 30 percent.

It is also important to note that if you win, You can choose between a cash option or an annual paymentwhich will also change the taxes to be paid.

  • Installment option: an initial annual payment followed by 29 annual payments. Each batch is 5 percent more than the previous one.
  • Cash Option: One lump sum payment equal to all cash in the Mega Millions jackpot pool.

If you have purchased a Mega Million lottery ticket, We recommend that you refer to the prize collection rules and the tax laws of the lottery in your state.

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