{"id":479717,"date":"2022-07-31T11:52:13","date_gmt":"2022-07-31T08:52:13","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/how-much-will-illinois-winner-owe-in-taxes\/"},"modified":"2022-07-31T11:52:13","modified_gmt":"2022-07-31T08:52:13","slug":"how-much-will-illinois-winner-owe-in-taxes","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/how-much-will-illinois-winner-owe-in-taxes\/","title":{"rendered":"#How much will Illinois winner owe in taxes?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3641c09087c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3641c09087c\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/how-much-will-illinois-winner-owe-in-taxes\/#%E2%80%9CHow_much_will_Illinois_winner_owe_in_taxes%E2%80%9D\" >&#8220;How much will Illinois winner owe in taxes?&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CHow_much_will_Illinois_winner_owe_in_taxes%E2%80%9D\"><\/span>&#8220;How much will Illinois winner owe in taxes?&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>The\u00a0billion-dollar Mega Millions jackpot\u00a0has finally been claimed in Illinois after being purchased at a Speedway gas station in Des Plaines.<\/p>\n<p>But how much of that will end up in the winner\u2019s pocket, and how much\u00a0will be owed in taxes?<\/p>\n<p>The tax bill depends on whether the\u00a0Mega Millions winner\u00a0chooses a cash payout of $780.5 million or annual payments totaling $1.3 billion over 29 years.<\/p>\n<p>Illinois currently withholds 24 percent in federal taxes, and 4.95 percent in state income taxes, though that may not be the\u00a0total tax obligation,\u00a0depending on the winner\u2019s financial situation.<\/p>\n<p>If the winner decides to take the\u00a0$780.5 million lump sum, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roximately $187.3 million in federal taxes would be withheld, in addition to $38.6 million in state taxes. That would mean an estimated take-home payout of $554.6 million.<\/p>\n<p>If the winner takes the full $1.337 billion in annual installments and tax rates don\u2019t change over the next 29 years, an estimated $320.9 million in federal taxes would be withheld, and an estimated $66.2 in state taxes would be withheld. That would mean an estimated take-home payout of $949.9 million over 29 years.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/GettyImages-1411712719.jpg?w=1024\" alt=\"After taxes, the winning Mega Millions ticket holder will either take a cash payout or annual payments totaling over the next 29 years.\" class=\"wp-image-23273658\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/GettyImages-1411712719.jpg?quality=75&amp;strip=all&amp;w=2048 2048w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/GettyImages-1411712719.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/GettyImages-1411712719.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/GettyImages-1411712719.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>After taxes, the winning Mega Millions ticket holder will either take a cash payout or annual payments totaling over the next 29 years.<\/figcaption><figcaption><span class=\"credit\">Corbis via Getty Images<\/span><\/figcaption><\/figure>\n<p>Though the cash option is more popular, the annuity payments are each 5 percent bigger than the previous one.<\/p>\n<p>\u201cThis helps protect winners\u2019 lifestyle and purchasing power in periods of inflation,\u201d the Mega Millions lottery states on its website.<\/p>\n<p>This Mega Millions jackpot is\u00a0one of the biggest ever\u00a0after the 2018 South Carolina winner who claimed a $1.537 billion pot.<\/p>\n<p>\u201cCongratulations to the Illinois Lottery for selling the winning ticket for the $1.337 billion Mega Millions jackpot,\u201d Ohio Lottery Director Pat McDonald said in a statement. \u201cWe are thrilled to have witnessed one of the biggest jackpot wins in Mega Millions history. We\u2019re eager to find out who won and look forward to congratulating the winner soon! Better still, this exciting jackpot run has had a significant positive impact on the revenues for good causes raised by our member lotteries.\u201d\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/07\/31\/mega-millions-jackpot-how-much-will-illinois-winner-owe-in-taxes\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;How much will Illinois winner owe in taxes?&#8221; The\u00a0billion-dollar Mega Millions jackpot\u00a0has finally been claimed in Illinois after being purchased at a Speedway gas station in Des Plaines. But how much of that will end up in the winner\u2019s pocket, and how much\u00a0will be owed in taxes? The tax bill depends on whether the\u00a0Mega Millions&#8230;<\/p>\n","protected":false},"author":1,"featured_media":479718,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/GettyImages-1411712719.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[131900,70503,88732],"class_list":["post-479717","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-7-31-22","tag-lottery","tag-mega-millions"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/479717","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=479717"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/479717\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/479718"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=479717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=479717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=479717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}