Mega Millions prizes

Written by Sandy Amaze | 12-14-2022 Image Credit : Google/Social Media/iStock Author page: https://gigsgiveaways.com/author

A few things you need to know about the prizes.

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The advertised jackpot is always an estimate of the annuity amount.

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The jackpot amount is paid out over 29 years in annuity option.

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Actual cash value of the jackpot is usually less than the annuity amount.

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There are also a few different taxes that will be taken out of your winnings.

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The federal government taxes lottery winnings at a rate of 25%.

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Many states also have their own tax on lottery winnings.

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So, depending on where you live, your tax rate could be anywhere from 25-50%.

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If you do win the jackpot, you'll likely be bombarded with requests for money from friends, family, and even strangers.

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Beware of scammers who will try to take advantage of your good fortune.

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There's always an option to choose if you want to stay anonymous after winning the jackpot.

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