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He won $ 1,280 million in the lottery – how much he’ll get after paying his taxes

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He won $ 1,280 million in the lottery - how much he'll get after paying his taxes

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One Illinois resident took over $ 1 billion. Photo: AFP

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On Friday, a resident of the United States took it in his pocket 1,280 million dollars, the second largest jackpot in lottery history.

The winning ticket for the American Mega Millions lottery was purchased in Illinois and contained numbers 13-36-45-57-67, Mega Ball: 14. But several days after the shocking news, no one knows who the winner is.

The winning ticket was purchased at a petrol station Speedway in Des Plaines, approximately 20 miles northwest of downtown Chicago.

The ticket played by a player in California with no luck.

The ticket played by a player in California with no luck.

The Illinois lottery rules allow bettors who have won prizes over $ 250,000 to hide their identity. In addition, they have one year to claim the prize from the day of the draw.

Upon requesting the prize, the lucky winner can request that their name and place of residence be kept confidential.

The accumulated amount of money was the third largest in US lottery history and the largest in nearly four years.

The prize had remained vacant for 29 draws.

The prize had remained vacant for 29 draws.

The prize was so high because, in the last 29 consecutive draws held since April 15, none of the tickets sold have had all six winning numbers. The latest winner was a player from Tennessee.

How much money will you pocket after taxes

Much lottery winnings are subject to large federal withholdings and, in some cases, state and city taxes as well.

A bettor played a lot of tickets but had no luck.

A bettor played a lot of tickets but had no luck.

If the winner opts for an immediate lump sum, the most popular option among lottery winners, will take home $ 747.2 million before taxes, according to Mega Millions.

They also have the option of receiving the full $ 1.28 billion pre-tax premium over 29 years with 30 annual payments of $ 42.6 million each, on average.

American lotteries, very popular.

American lotteries, very popular.

Federal Lottery Withholdings e additional fees at a higher end would leave the winner with $ 470.7 millions if you choose the cash prize now. Instead, if you spread it proportionally over 30 years, you will receive a total of 807 million, that is, $ 26.9 million a year for 30 years.

The winner may have to pay additional state and city taxes.

The largest lottery jackpot in history was $ 1.54 billion in 2018 and was awarded to an unnamed resident of South Carolina. The odds of hitting the jackpot by matching all six numbers are approximately 1 in 302. millions.

How to play Mega Millions

According to the Mega Millions website, players can choose six numbers from two separate number pools: five different numbers from 1 to 70 and one number from 1 to 25 (the Gold Mega Ball). To win the jackpot, you have to match all six winning numbers.

The lottery sells tickets in 45 US states plus the District of Columbia and the US Virgin Islands. The ticket costs two dollars.

The person who won $ 1.28 billion matched all five numbers plus the Mega Ball. However, there are smaller prizes for those who have managed to guess a certain number of numbers. Payment is as follows:

5 correct numbers + Mega Ball: Jackpot, or the total prize.

5 correct numbers: one million dollars.

4 correct numbers and Mega Ball: $ 10,000.

4 correct numbers: $ 500.

3 correct numbers + Mega Ball: $ 200.

3 correct numbers: $ 10.

2 correct numbers + Mega Ball: $ 10.

1 Matched Number + Mega Ball: $ 4.

Source: Clarin

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