If you manage to beat the odds and land the next Mega Millions jackpot, don't forget that Uncle Sam will snatch a slice of the windfall.
The top prize for Tuesday night's drawing marks the fourth-largest lottery jackpot ever. It has surged to $810 million — up from an earlier estimated $790 million.However, a big piece of that would end up going to taxes.
If you manage to beat the odds and land the next Mega Millions jackpot, don't forget that Uncle Sam will snatch a slice of the windfall. The top prize has surged to $810 million for Tuesday night's drawing — up from an earlier estimated $790 million — after no ticket matched all six numbers pulled Friday night. If won at that amount, it would mark the fourth-largest lottery prize ever awarded.
And, it would come with a sizable tax bill. Whether the prize is taken as an annuity of 30 payments over 29 years or as an immediate, reduced cash lump sum, taxes end up taking a big bite out of any winnings.
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