This question might have been answered

Reply #2

wander73 — Mon, 24 Jul 2023 22:09:50 GMT

appreciate your comment and feedback. I live in philadelphia, PA I thought there was an annuity, ok, maybe I am not thinking. so the big prize is cash or annuity not the next one down. interesting.

Reply #1

rcbbuckeye — Mon, 24 Jul 2023 19:24:32 GMT

The federal tax rate on 1 million is 63%. (not taking any deductions into account)

So in Texas (no state income tax) payout would be $630,000.

For you your net payout depends on the state tax you live in plus fed tax.

BTW, there is no annuity on MM or PB second prize, only the top jackpot, if annuity payout is chosen.

This question might have been answered

wander73 — Mon, 24 Jul 2023 18:53:51 GMT

So, lets say someone on here hits, lets say I hit not the jackpot, I hit only 5 numbers on megamillions. Yes keep laughing. I see that most people will take the cash vs annuity unless they want to hide something. it depends. I know what usamega says, might have to look.

I might have to ask another accountant I know or someone else.

What is the remainder after taxes from that state are taken out?

So the payment amt is $1 million. ( multiplier 2 3 4 5)

i'm not ta... [ More ]