Mega Millions payout

Written by Sandy Amaze | 12-12-2022

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If you win the Mega Millions jackpot, you have the option to receive your winnings in one lump sum payment or in annuity payments.

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Mega Millions payout

The lump sum payment is the cash option and is paid out as a single payment.

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Lump sum

The annuity option is paid out in annual installments over a period of 29 years.

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Annuity option

You will need to decide which payout option you want when you claim your prize.The lump sum payout for the Mega Millions jackpot is subject to federal and state taxes.

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Mega Millions payout

The annuity payout is also subject to federal and state taxes, but the taxes are deducted from each installment payment.

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Annuity taxes

If you choose the lump sum payout, you will receive your winnings less any applicable taxes.

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Lump sum payout taxes

 If you choose the annuity payout, your first installment payment will be less any applicable taxes, and subsequent installment payments will not be taxed.

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The annuity payout

The Mega Millions jackpot can be paid out in either U.S. dollars or in annuities denominated in U.S. dollars.

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Mega Millions jackpot

If the winner chooses the annuity option, the payments will be made in U.S. dollars even if the winner is not a resident of the United States.

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Mega Millions jackpot

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