On Tuesday night, the top prize for the lottery was the fourth-largest ever. From an earlier estimate of $790 million, it has risen to $810 million.
Annuities are usually not chosen over cash options, which cost $470.16 million.
however, taxes would take a huge chunk out of that.
As a result of the failure to match all six numbers pulled Friday night, the top prize has surged to $810 million for Tuesday night's drawing.
The lottery prize would be the fourth-largest ever awarded if it is won at that amount.
There would also be a large tax bill associated with it. Any prize won will be taxed heavily, whether it is a cash lump sum or an annuity over 29 years.
That amount would be reduced by approximately $112.8 million if there was a mandatory federal tax withholding of 24%.
You would have to pay the IRS another 13%, or $61.1 million, even though you did not have a reduction in income.
The windfall would now be $296 million instead of $325 million.
Also, state taxes may have been withheld or owed. Lottery winnings may be subject to more than 10% taxes, depending on where you live and if your income isn't taxed.
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