The Mega Millions jackpot is currently at $970 Million and could break $1 Billion! While lots of people are thinking of what they would do with all that money, not everyone is sure just how much the winning payout would be!
According to USA Mega, after the 24% Federal taxes are taken out, the average annuity payment would be around $24,573,333 per year for the 30 year period. The lump sum payout, on the other hand, would be about $416,936,000 after Federal taxes.
For Arkansans who took the annuity, taxes would be $2,263,333 per year (avg. net pay per year: $22,310,000; after 30 payments: $669,300,000) and for those who prefer the lump sum, taxes would be $38,402,000 (net payout: $378,534,000)
Lottery officials say that the odds of winning are 1 in 302,575,350 and to please be responsible when purchasing Mega Millions tickets.