The estimated jackpot for the upcoming Mega Millions lottery drawing is $640 million.| MORE | Mega Millions Tuesday jackpot surpasses estimated $565MBut what does that imply for a fortunate winner who will get all six matching numbers in Oklahoma?There are two choices while you win the lottery. You can both take a lump sum or 30 annual funds over 29 years. Here’s what these seem like in Oklahoma.Lump sum choice in OklahomaIf you’re taking a lump sum choice, the money choice is $328.3 million. There is a 24% federal tax on the winnings — about $78.8 million, in accordance with USA Mega. You may even owe extra while you pay your taxes and pay one other 13%.Oklahoma additionally has a 4.75% state tax withholding, which is about $15.6 million.This leaves the full for lottery winnings at about $191.3 million. Yearly cost choice in OklahomaIf you’re taking the yearly cost choice, you’ll obtain 30 funds of about $18.8 million every year earlier than taxes, in accordance with USA Mega. After the 24% federal taxes and 13% taxes due while you pay your taxes every year, you’ll pay about $7.8 million in taxes.After Oklahoma’s state taxes, in accordance with the USA Mega web site, your common internet per yr can be about $12.4 million. After 30 years, your whole can be about $373.9 million.To have a look at what the cost schedule can be like every year, click on right here. Lottery informationTickets offered in California and Florida for an Oct. 14 drawing shared the final Mega Millions jackpot of $502 million. The lottery’s prime prize has been constructing anew over 20 drawings held since then.Lottery officers say there have been 11 profitable jackpots of $500 million or extra since Mega Millions started in 2002. The file Mega Millions jackpot is greater than $1.5 billion, gained in 2018, and a jackpot surpassing $1.3 billion was gained in Illinois in July.The largest U.S. lottery jackpot ever gained was $2.04 billion in November. The winner purchased the fortunate Powerball ticket in Southern California. Note: The Associated Press contributed to this text.
The estimated jackpot for the upcoming Mega Millions lottery drawing is $640 million.
| MORE | Mega Millions Tuesday jackpot surpasses estimated $565M
But what does that imply for a fortunate winner who will get all six matching numbers in Oklahoma?
There are two choices while you win the lottery. You can both take a lump sum or 30 annual funds over 29 years.
Here’s what these seem like in Oklahoma.
Lump sum choice in Oklahoma
If you’re taking a lump sum choice, the money choice is $328.3 million. There is a 24% federal tax on the winnings — about $78.8 million, in accordance with USA Mega. You may even owe extra while you pay your taxes and pay one other 13%.
Oklahoma additionally has a 4.75% state tax withholding, which is about $15.6 million.
This leaves the full for lottery winnings at about $191.3 million.
Yearly cost choice in Oklahoma
If you’re taking the yearly cost choice, you’ll obtain 30 funds of about $18.8 million every year earlier than taxes, in accordance with USA Mega. After the 24% federal taxes and 13% taxes due while you pay your taxes every year, you’ll pay about $7.8 million in taxes.
After Oklahoma’s state taxes, in accordance with the USA Mega web site, your common internet per yr can be about $12.4 million. After 30 years, your whole can be about $373.9 million.
To have a look at what the cost schedule can be like every year, click here.
Lottery information
Tickets offered in California and Florida for an Oct. 14 drawing shared the final Mega Millions jackpot of $502 million. The lottery’s prime prize has been constructing anew over 20 drawings held since then.
Lottery officers say there have been 11 profitable jackpots of $500 million or extra since Mega Millions started in 2002. The file Mega Millions jackpot is greater than $1.5 billion, gained in 2018, and a jackpot surpassing $1.3 billion was gained in Illinois in July.
The largest U.S. lottery jackpot ever gained was $2.04 billion in November. The winner purchased the fortunate Powerball ticket in Southern California.
Note: The Associated Press contributed to this text.
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