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Mega Millions $510M jackpot: Here’s the tax hit

Source: https://foxbusiness.com/personal-finance/mega-millions-jackpot-tax-hit - Jan 8, 2021

The Mega Millions jackpot surged to $510 million this week, after no winner was declared during Tuesday’s drawing.

The massive prize represents only the eighth time that the jackpot has exceeded $500 million.

Game officials also noted that three of Mega Millions’ largest prizes have been won in the month of January.

However, after the IRS takes its chunk of the winnings, the prize will be notably smaller.

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Category: General Business