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Winning $900 Million In Mega Millions: What’s Left After Taxes In Illinois – 1440wrok.com

Another rollover, another big money jackpot up for grabs.
When the Mega Millions drawing takes place tonight, there'll be around $900 million sitting there waiting to be taken by a lucky player or players, so what happens if everything works out perfectly and you're the big winner?
First decision: do you take the lump sum or the annuity option (30 years of payments)? For simplicity here, and because most people go this way, we’ll assume you'll go with a lump-sum option (which is smaller than the full advertised jackpot amount).
Let’s work off of the $900 million figure to illustrate what taxes you’d owe and what you might keep if you become Illinois' newest multi-millionaire.
When it comes to Federal taxes, The IRS treats lottery winnings as ordinary income and applies withholding and then additional tax liability when you file. By law, 24 % is generally withheld immediately for large lottery winnings.
But since a $900 million prize would push you into the highest federal tax bracket, you’d likely owe up to 37 percent of the taxable amount. So, that would be approximately $333 million in federal tax owed. Up front, you’d see $900 million minus the 24 percent withholding ($216 million) leaving you with $684 million in hand initially, but you’ll owe more at tax-time.
You would then owe the state of Illinois some tax money. Illinois imposes a tax on lottery/gambling winnings of 4.95 percent. So, $900 million × 4.95 percent equals $44.55 million owed to Illinois.
Starting from $900 million, subtract $333 million (federal) and $44.55 million (state) and you’re left with about $522.45 million. That’s the rough “after-tax” amount an Illinois winner might expect under the lump-sum scenario (again, actual payout would likely be less than $900 million after lump-sum conversion and other factors, so this is a best-case-type estimate).
Why the actual amount may differ:
Gallery Credit: Stacker

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Winning EuroMillions numbers: Full lottery results with Thunderball on November 11 – Daily Express

LotteryA EuroMillions player could secure the whopping £95 million jackpot on November 11 as Brits eagerly await the winning numbers.
To win the big prize, players must match all five main numbers plus the two Lucky Stars. 
However, matching some numbers could still secure you a hefty prize .
To be in with a chance of winning, players must have secured their ticket by 19:30 – tickets cost £2 per game.
The draw will take place at 21:00 CET (20:00 GMT).
FOLLOW OUR LIVE BLOG BELOW FOR UPDATES.
There are two ways to purchase a Euromillions ticket, online or at UK lottery retailers.
To play, you pick five numbers from 1-50 and two Lucky Stars from 1-12. Alternatively, you can try a Lucky Dip which randomly selects the numbers for you.
Choose whether you want to play on Tuesday or Friday, or both, and the number of weeks you’d like to play.
You have the option to play up to seven lines of numbers, which cost £2.50 each, and you can buy up to 10 play slips at a time.
Tonight’s draw will take place at 9pm.
Good afternoon. My name is Lauran O’Toole and I will be providing you with the latest updates on this evening’s EuroMillions draw.
One player could scoop a whopping £95 million jackpot tonight. 
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Mega Millions jackpot approaches $1 billion ahead of Tuesday’s drawing – WILX

LANSING, Mich. (WILX) – As the holidays approach, most people wouldn’t mind having a little extra spending cash.
How does $900 million sound?
That’s where the Mega Millions jackpot sits ahead of Tuesday night’s drawing — the 38th since someone last won.
The jackpot is approaching $1 billion as no one has matched all five white balls and the gold Mega Ball since a player in Virginia won on June 27.
Should someone match all six numbers Tuesday, the cash option for the prize is $415.3 million.
Tuesday’s jackpot is the eighth largest prize since Mega Millions began in 2002. The highest Mega Millions jackpot of all time reached $1.6 billion in August of 2023 when a player in Florida won.
In last Friday’s drawing, 16 tickets won $20,000, while three won $30,000, two people won $50,000 and one person in Georgia won $100,000.
Tickets can be bought at lottery retailers across the state until 10:45 Tuesday. The drawing will take place at 11 p.m.
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$900 million Mega Millions jackpot up for grabs in Tuesday's drawing – ABC7 Los Angeles

The estimated $900 million Mega Millions jackpot is up for grabs in Tuesday night's drawing after no winners were selected on Friday.
The numbers drawn Friday were: 16, 21, 23, 48 and 70, plus the gold Mega Ball 5. 
The jackpot was last won on June 27.
The prize has a cash value of $415.3 million which can be offered as a one-time lump sum payment or an immediate payment followed by 29 annual payments. 
The odds of winning the jackpot at 1 in 290,472,336, according to Mega Millions.
Mega Millions is played in 45 states, Washington, D.C., and the U.S. Virgin Islands. Tickets are $5 for one play.
The largest Mega Millions jackpot prize ever won was $1.6 billion prize won on Aug. 8, 2023. 

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