247 Local Media247 Local Media

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    An Overview of Online Casinos vs Traditional Casinos

    December 8, 2022

    Types of Specialists for Erectile Dysfunction

    October 31, 2022

    When students’ basic needs are met by community schools, learning can flourish

    September 27, 2022
    Facebook Twitter Instagram
    • Home
    Facebook Twitter Instagram
    247 Local Media247 Local Media
    Subscribe
    • Home
    • Automotive
    • Business
    • CBD
    • Crypto
    • Education
    • Entertainment
    • Fashion
    • Finance
    • Health
    • Home Improvement
    • Law \ Legal
    • News
    • Shopping
    • Sports
    • Technology
    • Travel
    • Contact US
    247 Local Media247 Local Media
    Home»Business»How much will Illinois winner owe in taxes?
    Business

    How much will Illinois winner owe in taxes?

    By July 31, 2022No Comments2 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    How much will Illinois winner owe in taxes?
    Share
    Facebook Twitter LinkedIn Pinterest Email
    How much will Illinois winner owe in taxes?


    The billion-dollar Mega Millions jackpot has finally been claimed in Illinois after being purchased at a Speedway gas station in Des Plaines.

    But how much of that will end up in the winner’s pocket, and how much will be owed in taxes?

    The tax bill depends on whether the Mega Millions winner chooses a cash payout of $780.5 million or annual payments totaling $1.3 billion over 29 years.

    Illinois currently withholds 24 percent in federal taxes, and 4.95 percent in state income taxes, though that may not be the total tax obligation, depending on the winner’s financial situation.

    If the winner decides to take the $780.5 million lump sum, approximately $187.3 million in federal taxes would be withheld, in addition to $38.6 million in state taxes. That would mean an estimated take-home payout of $554.6 million.

    If the winner takes the full $1.337 billion in annual installments and tax rates don’t change over the next 29 years, an estimated $320.9 million in federal taxes would be withheld, and an estimated $66.2 in state taxes would be withheld. That would mean an estimated take-home payout of $949.9 million over 29 years.

    After taxes, the winning Mega Millions ticket holder will either take a cash payout or annual payments totaling over the next 29 years.
    After taxes, the winning Mega Millions ticket holder will either take a cash payout or annual payments totaling over the next 29 years.
    Corbis via Getty Images

    Though the cash option is more popular, the annuity payments are each 5 percent bigger than the previous one.

    “This helps protect winners’ lifestyle and purchasing power in periods of inflation,” the Mega Millions lottery states on its website.

    This Mega Millions jackpot is one of the biggest ever after the 2018 South Carolina winner who claimed a $1.537 billion pot.

    “Congratulations to the Illinois Lottery for selling the winning ticket for the $1.337 billion Mega Millions jackpot,” Ohio Lottery Director Pat McDonald said in a statement. “We are thrilled to have witnessed one of the biggest jackpot wins in Mega Millions history. We’re eager to find out who won and look forward to congratulating the winner soon! Better still, this exciting jackpot run has had a significant positive impact on the revenues for good causes raised by our member lotteries.”



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Beyond Meat, Impossible struggle due to ‘woke’ perception: analysts

    September 26, 2022

    Developer hustles to build ‘Bustle’ in Penn Station area

    September 26, 2022

    Amazon rolls out second Prime Day this year for first time ever

    September 26, 2022
    Add A Comment

    Comments are closed.

    Editors Picks
    Recent Posts
    • An Overview of Online Casinos vs Traditional Casinos
    • Types of Specialists for Erectile Dysfunction
    • When students’ basic needs are met by community schools, learning can flourish
    • Walmart and Target Are Hiring 140,000 Seasonal Workers
    • 7 Ways to Get Affordable Dental Care for Adults and Children
    Archives
    • December 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • September 2021
    Facebook Twitter Instagram Pinterest Vimeo YouTube
    • Home
    © 2022 - 247 Local Media- All Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.