Win the $1.6 billion Mega Millions jackpot?
First sign the ticket, says the lottery’s lead director, then go get yourself a good financial adviser.
What’s the secret to picking the winning numbers? Can’t help you with that, says the Mega Millions official. “It’s completely random.”
If you do win, you’ll pay about 37% of your jackpot to the IRS.
CNBC calculates that, even if you win history’s largest jackpot of $1.6 billion, your take home could be as little as $500 million. By choosing to take your winnings as a lump sum, your cut already drops to $904 million. Shave off federal and possibly state taxes, and you’re down to the paltry sum of $500 million or so.
Hardly worth showing up to claim your winnings, right?
The Mega Millions estimated $1.6 billion drawing is Tuesday. The Power Ball drawing – estimated value only $620 million – is Wednesday.