Mega Millions Jackpot Hits $740 Million

The Mega Millions jackpot has reached an estimated $740 million for the upcoming drawing on Friday, September 6, 2024. 

This massive prize follows no winners from the previous drawing, where the winning numbers were 12, 41, 43, 52, 55, and the Mega Ball was 9.

Cash Option and Taxes Winners have the option to take a lump-sum cash payout estimated at $366.3 million. However, it's important to consider the tax implications of this windfall:

Federal Taxes: There is a mandatory 24% federal withholding on lottery winnings over $5,000, which would amount to approximately $87.9 million for a cash payout of $366.3 million.

State Taxes: Depending on the state where the ticket is purchased, additional state taxes may apply. These rates vary significantly by state.

Estimated Take-Home Amount After accounting for federal taxes, a winner opting for the cash payout could take home around $278.4 million, assuming no additional state taxes are levied.

If state taxes are applied, the amount would be lower depending on the state's tax rate

This jackpot, if won, would be one of the largest in Mega Millions history, showcasing the game's growing popularity and the allure of life-changing prizes.

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