Mega Millions: How much money will you actually get if you win the jackpot?

[mfcorey1]

The Mega Millions jackpot is now up to $1 billion. Many are dreaming of that big payday, the one where you wave adios to the job and drive down the freeway throwing $20s out the car window.

Not to be a buzz killer, but if dream becomes reality, you may want to roll the window back up and put your wallet back in your pants.

When it comes to winning a jackpot, there are more hands in the pot than those that belong to all the long-lost relatives you suddenly have. The greediest one, except perhaps for that one aunt who is never satisfied, belongs to an uncle. Uncle Sam.

Just to get this out of the way, $1 billion is an enormous amount of money. If you were to win that amount in Friday’s Mega Millions drawing, and take the lump sum option, your winnings would be $565 million.

https://www.ajc.com/news/national/mega-millions-how-much-money-will-you-actually-get-you-win-the-jackpot/C0AZ2KnWJbXk3ltio5peZJ/

[htuttle]

1. Not sure I could afford a second home on that

[Evergreen Emerald]

2. hahaha

took me a minute.

[RKP5637]

3. I would't mind getting just $500K from somewhere!

[Lochloosa]

4. If I win you will. Promise.

[RKP5637]

8. Thank you!!!

[MiniMe]

5. If you won it, your net take away would be more than 500 million

[RKP5637]

9. Hmmmm, I'll add a few more 0's to that 500K!

[MiniMe]

10. No sense cheating yourself

[roamer65]

6. You will get all $1B, before taxes, if you choose payout in annuity form.

That said I hope there are at least 3 winners drawn. Always nice to see the jackpot spread out.

[chowder66]

7. More than I have now. nt

[tinymontgomery]

11. I threw in $10.00 bucks

Just for the hell of it,I never play the lottery.

[Takket]

12. if you take the annuity............

the payout increases 5% every year over 30 years. so i ran the numbers, assuming you lose 40% to state and local taxes each year, and this is what your 30 payments will look like. The total adds up to $600 million which is the $1 billion minus 40% taxes....

$9,030,861.05
$9,482,404.10
$9,956,524.31
$10,454,350.52
$10,977,068.05
$11,525,921.45
$12,102,217.52
$12,707,328.40
$13,342,694.82
$14,009,829.56
$14,710,321.04
$15,445,837.09
$16,218,128.94
$17,029,035.39
$17,880,487.16
$18,774,511.52
$19,713,237.09
$20,698,898.95
$21,733,843.90
$22,820,536.09
$23,961,562.89
$25,159,641.04
$26,417,623.09
$27,738,504.25
$29,125,429.46
$30,581,700.93
$32,110,785.98
$33,716,325.28
$35,402,141.54
$37,172,248.62

total: $600,000,000.00