Lottery officials say a ticket bought in Illinois matches the winning numbers for the Mega Millions’ $1.337 billion jackpot, which ranks among the largest ever.
, he or she will have to account for a mandatory 24% federal tax withholding. The winner will likely also owe state income tax: If the winner lives in Illinois, the winnings will be considered taxable income at the state's 4.95% rate, and they may owe even moreThat means the winner should expect to owe a minimum of almost $226 million in taxes, lowering the take-home amount to roughly $554.5 million — still a potentially life-changing sum of money.
"Privacy is key," Emily Irwin, senior director of advice at Wells Fargo Wealth & Investment Management,."That provides safety to both you and your family from scammers or other individuals who can start to prey on you." You should then hire a team of professionals to assist you, including an experienced attorney, a financial advisor, a tax advisor and an insurance expert, as CNBC
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