What can Nebraska’s Mega Millions winner expect after taxes?

It’s not too late to buy a lottery ticket and try to win it big.Friday’s Mega Millions jackpot is worth $1.28 billion — the second-largest prize in Mega Millions history. The cash option is $747.2 million.The drawing is scheduled for Friday at 10 pmThere are two options when you win the lottery: get a lump sum of your winnings or 30 annual payments over 29 years.If you take the lump sum option, there will be a federal tax of 24% on your winnings — about $179.3 million. You’d also owe more at tax time, another 13% or about $97 million, according to the USA Mega website.Nebraska also has a 5% state tax withholding — about $37.3 million — plus additional state taxes due, taking your total net payout on the lump sum to about $419.6 million.If you take the annuity option, you would receive 30 average annual payments of about $42.6 million — before taxes. The 24% tax would be about $10.2 million each year and additional federal taxes of about $5.5 million, bringing the subtotal to about $26.9 million.After Nebraska’s state taxes, according to the USA Mega website, your average net per year would be about $23.9 million . After 30 payments, your total would be about $719.9 million.The largest jackpot won in Nebraska occurred in February 2006 when a group of eight co-workers at the ConAgra Foods ham and corned beef plant in Lincoln split the $365 million Powerball jackpot.

It’s not too late to buy a lottery ticket and try to win it big.

Friday’s Mega Millions jackpot is worth $1.28 billion — the second-largest prize in Mega Millions history. The cash option is $747.2 million.

The drawing is scheduled for Friday at 10 pm

There are two options when you win the lottery: get a lump sum of your winnings or 30 annual payments over 29 years.

If you take the lump sum option, there will be a federal tax of 24% on your winnings — about $179.3 million. You’d also owe more at tax time, another 13% or about $97 million, according to the USA Mega website.

Nebraska also has a 5% state tax withholding — about $37.3 million — plus additional state taxes due, taking your total net payout on the lump sum to about $419.6 million.

If you take the annuity option, you would receive 30 average annual payments of about $42.6 million — before taxes. The 24% tax would be about $10.2 million each year and additional federal taxes of about $5.5 million, bringing the subtotal to about $26.9 million.

After Nebraska’s state taxes, according to the USA Mega website, your average net per year would be about $23.9 million. After 30 payments, your total would be about $719.9 million.

The largest jackpot won in Nebraska occurred in February 2006 when a group of eight co-workers at the ConAgra Foods ham and corned beef plant in Lincoln split a $365 million Powerball jackpot.

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