Mega Millions Winner Will Owe IRS $163 Million

Posted on January 12, 2021

Some people are waiting in line as long as 20 minutes to buy a ticket for tonight’s $615 million Mega Millions lottery jackpot. CNBC says the chance of winning tonight’s Mega Millions lottery jackpot is one in 302 million while the chance of winning tomorrow night’s Powerball jackpot is one in 292 million.

Tonight’s lump sum cash payout for the Mega Millions lottery jackpot is $451.8 million. A single winner would owe $108.2 million to the IRS because of the 24% federal tax withholding rate. Another 13% would also be taxed ($58 million) meaning the sole winner would give $166.2 million to the government. CBS says no one has won the Mega Millions lottery jackpot since September 15th

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