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The profit would be more than most people see in a lifetime, even after taxes. Jackpot winners should hire an attorney, financial counsellor, and tax advisor to help with the claiming procedure.
According to the American Institute of CPAs, giving can minimise your tax burden. You can deduct up to 60% of your AGI if you donate cash to a public charity or donor-advised fund.
Tuesday's jackpot is the fourth-largest ever. It's $810 million, up from $790 million. Most jackpot winners prefer $470.1 million in cash over an annuity.Taxes would take a significant chunk of that.
The jackpot would be the fourth-largest ever.It would be taxed heavily. Whether the award is taken as an annuity over 29 years or a reduced cash lump amount, taxes eat up any winnings.
If you win the Mega Millions jackpot, Uncle Sam will take a cut.No ticket matched all six numbers drawn Friday, therefore Tuesday's top prize is $810 million, up from $790 million2
Create a private foundation, donate to it, and decide how to use it over time.If you didn't reduce your income, the IRS would get another 13%, or $61.1 million ($173.9 million total).