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mega millions payouts

Topic closed. 2 replies. Last post 8 years ago by bob27.

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bob27's avatar - chakra man1.jpg
chicago
United States
Member #34162
February 28, 2006
315 Posts
Offline
Posted: November 5, 2008, 2:56 pm - IP Logged

Hi all.I have a question about mm payout.I went to their website www.megamillions.com  and there is

that place,where you can find out how much you gonna get paid,if you win jackpot and choose cash

option.It says under 12 millions,if i win it,and choose cash option,then i get  $7,042,000.My question is

is this after state taxes,or before? if its after,then do i have to pay any additional money,when i  do my taxes

at the end of the year? My state said,which is Illinois that their charge 28% of any winnings over 5,000$,is this

apply for all states? and finally i want to comeback to 12 million jackpot,,,if i hit it,and choose cash option,then

i have to pay additional 28% of that money?thx

    Stew12's avatar - bad egg-64x64.png
    CT
    United States
    Member #61398
    May 21, 2008
    781 Posts
    Offline
    Posted: November 5, 2008, 4:23 pm - IP Logged

    The cash option is before taxes.  Your taxes at the end of the year vary from individual to individual, and I am no accountant but I would dare to assume after winning a jackpot you would be quite able to make up whatever the difference is at the end of the year.  Since the lottery is taxed as 'income tax', you may owe or receive a bit when you fill out your forms for the year.  The 28% is for Illinois and does varry from state to state.

    and finally i want to comeback to 12 million jackpot,,,if i hit it,and choose cash option,then i have to pay additional 28% of that money?thx

    I have no idea what that sentence means.

      bob27's avatar - chakra man1.jpg
      chicago
      United States
      Member #34162
      February 28, 2006
      315 Posts
      Offline
      Posted: November 5, 2008, 6:00 pm - IP Logged

      The cash option is before taxes.  Your taxes at the end of the year vary from individual to individual, and I am no accountant but I would dare to assume after winning a jackpot you would be quite able to make up whatever the difference is at the end of the year.  Since the lottery is taxed as 'income tax', you may owe or receive a bit when you fill out your forms for the year.  The 28% is for Illinois and does varry from state to state.

      and finally i want to comeback to 12 million jackpot,,,if i hit it,and choose cash option,then i have to pay additional 28% of that money?thx

      I have no idea what that sentence means.

      Thank you for answering my questions.