Mega Millions Ticket Sold In Illinois Wins $560 Million Jackpot—Here’s How Much The Winner Will Take Home After Taxes

A lucky winner has claimed the $560 million Mega Millions jackpot by matching all six numbers drawn on Tuesday night: 19, 37, 40, 63, 69, and the gold Mega Ball 17.

A lucky winner has claimed the $560 million Mega Millions jackpot by matching all six numbers drawn on Tuesday night: 19, 37, 40, 63, 69, and the gold Mega Ball 17.

The winner can choose between a $560 million annuity over 30 years or a lump sum cash prize of $264 million.

The lump sum prize drops to approximately $201 million after a 24% federal tax withholding.

Depending on taxable income, the federal marginal rate could be as high as 37%, reducing the prize to $166.3 million.

If opting for installments, the winner receives $18.7 million annually, which falls to $11.75 million after the 37% tax rate.

If opting for installments, the winner receives $18.7 million annually, which falls to $11.75 million after the 37% tax rate.

Illinois withholds an additional 4.95% of lottery winnings. The winner must carefully consider whether to take the lump sum or annual payments.