Right Here We Go Once More and Simply in Time for the Vacations! In Case Your Desires for Limitless Yacht Holidays and Quitting Your Job Have Been Crushed in November,

Whereas That is Nonetheless a Really Good Chunk of Change, What Results in the Checking Account Can Considerably Fluctuate Relying on the Place the Fortunate Winner Resides.

Certainly, Whereas in Some International Locations Lottery Winnings Are Usually Not Taxed, Within the U.s. They're — and It Varies by State.

Based on the Mega Millions website, a winner could select to obtain the prize as an annuity, paid in 30 funds over 29 years,

With Every Cost 5% Greater Than the Earlier One to Assist “shield Winners’ Lifestyle and Buying Energy in Durations of Inflation,” or as a Lump Sum Cost. 

However, Each Prize Choices Are Previous to Federal and Jurisdictional Taxes.  First Off, All Winnings Over $5,000 Are Topic to Tax Withholding by Lottery Companies

on the Charge of 24%, in Response to Turbotax.  and, when you choose to take the winnings in a lump sum, you may be within the highest tax bracket, which is 37% of 2022 revenue.

Eight States Do Not Tax Mega Millions of Winnings: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. Pennsylvania, North Dakota, Indiana, and Ohio Also Make Our List of Best States.

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Best States To Win Mega Millions

1. California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming

If you’re lucky enough to have bought your winning ticket in one of these states, you won’t pay any taxes at the state level

2. North Dakota State tax: 2.9% ANNUITY Subtotal after federal taxes: $8,437,045 State taxes: $386,667 Annual payments: $8,050,378 Total net payout: $241,511,340

2. North Dakota State tax: 2.9% CASH Subtotal after federal taxes: $136,243,045 State taxes: $7,269,800 Total net payout: $129,973,245

3. Pennsylvania State tax: 3.07%  ANNUITY Subtotal after federal taxes: $7,996,045 State taxes: $409,333 Annual payments: $8,027,712 Total net payout: $240,831,360

3. Pennsylvania State tax: 3.07%  CASH Subtotal after federal taxes: $136,243,045 State taxes: $6,637,340 Total net payout: $129,605,705

4. Indiana State tax: 3.23% ANNUITY Subtotal after federal taxes: $8,437,045 State taxes: $430,667 Annual payments: $8,006,378 Total net payout: $240,191,340

4. Indiana State tax: 3.23% CASH Subtotal after federal taxes: $136,243,045 State taxes: $6,983,260 Total net payout: $129,259,785

5. Ohio State tax: 3.99% ANNUITY Subtotal after federal taxes: $8,437,045 State taxes: $532,000 Annual payments: $7,905,045 Total net payout: $237,151,350

5. Ohio State tax: 3.99% Cash Subtotal after federal taxes: $136,243,045 State taxes: $8,626,380 Total net payout: $127,616,665