The Mega Millions jackpot winner didn't pay 70% in taxes, that much is true.
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A new $1.28 billion cash prize winner for the Mega Million jackpot has been announced. However, some people may be confused by headlines stating that the winner will receive "just" $433 million
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Did the winner actually pay 70% in taxes? Continue reading to learn what eating this winner's lunch.
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Any institution, including the Multi-State Lottery Association, which manages the Mega Millions prize, can struggle to come up with billions of dollars on short notice
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Because of this, lottery winners are offered the choice between receiving a larger prize right once or a series of smaller payments over time.
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The Mega Millions lottery utilises the total of the instalments that a winner would get if they chose to the annuity when stating the prize amount.
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This annuity payment option was most recently valued at $1.28 billion. As the second-largest jackpot in Mega Millions history, the huge sum made headlines.
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