(JAMAICA OBSERVER) – The lucky Illonois, Chicago lottery winner is expected to only walk away with $433.7 million out of the $1.28 billion jackpot following taxes.
According to an article from Forbes Magazine, the $1.28 billion prize, which is the second-largest jackpot in Mega Millions lottery history, can be claimed in a lump sum or over time.
“The 1.28 billion is only if you take it over time, but if you want it all now, you get $747.2 million,” the article read.
“Yet like most things, even that lower cash figure gets whittled down by the IRS. In fact, lottery winnings are taxed, with the IRS taking up to 37 per cent.”
Forbes shared that the winning cash prize after tax would then drop to $567,872,000. That amount dwindles further after federal and state taxes.
This means that after all taxes are subtracted, the lottery winner takes home approximately $433.7 million.