A lucky New Jersey resident has won the $1.128 billion Mega Millions jackpot. However, they will face significant tax deductions. The federal government will automatically withhold 24%, while New Jersey will take another 8%. Depending on the payment option the winner chooses, they could owe up to an additional 13% in federal taxes and 10.75% in state taxes. Overall, the winner can expect to lose nearly half of their winnings to taxes.
The Mega Millions jackpot has reached $1.1 billion, but the winner could face challenges if they aren't prepared. They must choose between a lump sum or annuity payout, both of which are subject to taxes. Additionally, claiming the prize via a trust or LLC and creating a written agreement when pooling money are important considerations to protect the winner's privacy and avoid legal disputes.
The Mega Millions jackpot has reached a massive $977 million after no one won the recent drawing. It's now the sixth-largest prize in the game's history. The next drawing is Friday night, and financial experts advise any potential winner to keep their identity secret, hire a team of financial advisors, and have asset protection strategies in place to ensure their financial security.
