Fact check: False claim about IRS tax rate on Mega Million winner

Fact Check: False Claim About IRS Tax Rate On Mega Million Winner

1 week from now

This claim botches the math by confusing the lump sum and long-term payouts. A winner of that jackpot who took the long-term payout would pay a maximum of about $473 million in taxes, experts say. Taxes on the lump sum would be about $276 million. See more

usatoday.com

PolitiFact | No, The IRS Won’t Take Out $846.3 Million In Taxes From ...

1 week from now

Aug 3, 2022  · A Facebook post shared a Twitter screenshot claiming the winner of the $1.34 billion Mega Millions lottery jackpot will have to pay $846.3 million in taxes to the IRS.

politifact.com

PolitiFact | No, The IRS Won’t Take Out $846.3 Million In Taxes From ...

1 week from now

Aug 5, 2022  · A Facebook post claims whoever won the $1.34 billion Mega Millions jackpot will have to pay the IRS $846.3 million in taxes based on the headline of a Forbes article. ... and …

politifact.com

No, The Mega Millions Jackpot Winner Didn't Pay 70% In Taxes

1 week from now

Aug 19, 2022  · In the case of the recent Mega Millions winner, $747.2 million today was worth more to the winner than $1.28 billion spread out over a period of years. Combined 41.95% tax …

nasdaq.com

Fact-checking Claims About Taxes On The Mega Millions Jackpot, …

1 week from now

Jan 13, 2023  · Here are the facts: The IRS will not collect nearly $850 million in taxes from the more-than $1 billion Mega Millions jackpot. Mexican President Andrés Manuel López Obrador …

madison.com

No, $600 Million Of $1 Billion Powerball Jackpot Is Not Going

1 week from now

Jul 26, 2023  · Fact check: False claim that IRS would collect $846 million on a $1.28 billion lottery prize That works out to another $72 million in taxes, bringing the total amount of federal …

yahoo.com

How Much $1.13B Mega Millions Winner Takes Home After Taxes

1 week from now

Mar 27, 2024  · For Tuesday's Mega Millions $1.13 billion jackpot, the cash value was $537.5 million. Right away, 24% of that cash value is withheld for federal taxes and goes to the IRS, …

11alive.com

Mega Millions Jackpot Is $785 Million. Here's The Tax Bill

1 week from now

Jan 3, 2023  · If the winner were to take the lump-sum cash option of $403.8 million, the federal tax withholding would be $96.9 million — and more likely would be owed.

cnbc.com

Mega Millions Jackpot Hits $1.1 Billion: Here’s What The Winner

1 week from now

That grand prize includes a $360.8 million lump sum option, which would be reduced to $274.2 million after a 24% mandatory tax withholding or to $227.3 million with a federal marginal rate …

msn.com

Mega Millions Jackpot Is $830 Million. If It's Won, Here's Tax Bill

1 week from now

Jul 25, 2022  · For this $830 million jackpot, the cash option — which most winners choose — is $487.9 million. A mandatory 24% federal tax withholding on that amount would reduce your …

cnbc.com

How Much Tax Would You Pay If You Won The $1.35 Billion Mega

1 week from now

Jan 14, 2023  · Depending on where the winner lives in the United States, he/she could face a tax bill of more than $261 million. BREAKING: Someone in Maine has matched all six numbers …

as.com

Mega Millions Winner: Here's The Tax Damage | Fox Business

1 week from now

Mar 5, 2019  · One lucky person in South Carolina finally came forward to claim the record $1.537 billion Mega Millions ... between that tax rate (37 percent) and the federal withholding rate (24 …

foxbusiness.com

Mega Millions $393M Jackpot Carries Substantial Tax Bill

1 week from now

May 24, 2019  · Video. The Mega Millions jackpot has climbed to $393 million, and while many might be dreaming of winning the prize, they should know the IRS will come for a sizable …

foxbusiness.com

Huge Tax On Mega Millions $1 Billion Jackpot Causes Outcry On …

1 week from now

Jan 11, 2023  · The IRS will collect 'at least $200 million immediately' if the winner cashes out, one investor estimated ... "The only guaranteed winner in tonight's $1.1 billion Mega Millions …

foxnews.com

Powerball Jackpot Taxes: Changes In The New Tax Law For Winner

1 week from now

Jan 2, 2018  · Either way, the winner will end up in the top 37% income tax bracket for 2018, which kicks in at $500,000 for singles (and $600,000 for couples). For the lump sum, the result will …

money.com