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Tax experts say exact tax amounts can't be precisely calculated since tax brackets shift over time and the final tax amount depends on the jackpot winner's income level. The total federal tax rate, however, is higher If the cash option of $707.9 million is taken: If the total $1.35 billion payout is chosen: That's a big chunk out of either payment choice. Regardless of which option the player takes, the IRS takes a minimum 24% federal withholding tax upfront on lottery winnings. The single winner could take the total $1.35 billion in 30 payments over 29 years or go for the one-time cash option – in this case, $707.9 million – which is what most winners choose. How much tax on a $1.35 billion lottery win? The winner can choose to take the full amount in annual payments over 29 years or a smaller lump sum immediately in cash. What to know if you hit the jackpot: Here are the first steps you should take after winning. Winnings are reported to federal and state tax agencies, and tax rates are based on taxable income. Find answers to questions about winning the Illinois Lottery and learn how and. The sole winner, however, won't take home any money without paying substantial taxes on it first. It's also the fourth time since October 2018 that winnings have exceeded $1 billion. One winning ticket for Friday's Mega Millions jackpot – a prize of an estimated $1.35 billion – was sold in Maine and tax officials are probably just as excited as the ticket holder, who has not yet been identified.ĭepending on choice of payout, the winner may have to wait three decades to become a billionaire, even though the jackpot is the second-largest in the lottery's history. ![]() ![]() Please contact us if you need additional information or assistance with browser settings. This site is designed to work best with the Internet Explorer 10 or higher and other proprietary browsers like Google Chrome, Mozilla Firefox and Safari. Information collected at this site, including email addresses, becomes public record and may be subject to inspection and copy by the public unless prohibited by exception or exemption in the law. Due to the elapsed time between transactions in the marketplace, and the time that those transactions are received from the public and/or other jurisdictions, some transactions will not be reflected. The Property Appraiser exercises strict auditing procedures to ensure validity of any transaction received and posted by this office, but cannot be responsible for errors or omissions in the information received from external sources. 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