Billion-dollar Mega Millions jackpot won't trigger $850M IRS bill
CLAIM: The
THE FACTS: The winner of the lottery jackpot that sat at
Amid the frenzy leading up to Tuesday's Mega Millions drawing, social media users shared posts suggesting the lion's share of such a jackpot will ultimately end up in the federal government's coffers in the form of tax revenue. No one has hit all six numbers in 25 tries stretching back more than two months. The prize now stands at
Whatever option the winner chooses, the federal tax rate of 24% is automatically withheld from the payments, according to Frizzi-Babb. For the lump sum option, that means about
But even with additional federal taxes factored, Pagliarini estimated the jackpot winner would still end up owing the
"The short answer is those Instagram figures are incorrect," he wrote.
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