Our Mega Millions Jackpot Turns Into Mini-Millions Once You Pay The Tax Man

Our Mega Millions Jackpot Turns Into Mini-Millions Once You Pay The Tax Man
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Kelli B. Grant,CNBC

Winning the $540 million plus Mega Millions jackpot would make you an instant millionaire. Just don’t expect to walk away with that much cash. The Mega Millions prize is less than half January’s record-setting $1.6 billion Powerball prize, but it’s not chump change, either. Friday’s potential prize is the seventh largest in U.S. lottery history, and the game’s third largest, according to a release from the Multi-State Lottery Association. Of course, would-be winners face slim odds: The lottery puts the chance of winning the jackpot at 1 in 258.9 million. There’s also a good chance they’ll have to share the prize. But one of the biggest bites comes from taxes. The first hit is even before taxes …

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