personal finance

Mega Millions jackpot has been revised to $543 million; here are 5 things the winner needs to do

Whoever is holding the single winning ticket for Mega Millions jackpot is about to discover that picking the winning numbers was the easy part.

Basically, that $543 million win is life-changing. It’s not as simple as collecting a check and going on with your day. The estimated jackpot prize amount has been revised based on final sales totals and is now worth $543 million (up from the first reported estimate of $522 million) The final lump-sum cash option is $320.5 Million, up from $308.1 million.

The prize marks the fifth-largest in the game’s history. The winning ticket was sold at a liquor store in San Jose, California.

Of course, you won’t actually get the advertised amount. And you can thank Uncle Sam for that.

While California does not tax lottery prizes unless they were won in another state, the IRS will take 25 percent of your win right off the bat. If you choose the lump-sum option of $320.1 million, that means about $80 million goes to federal coffers, leaving you with roughly $240 million. However, you can expect to owe more to the IRS at tax time.


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