![]() If you live in New York, get out your wallet, because that state taxes lottery winnings at 8.82%. That means you get $146,597,045 after taxes. ![]() If you live in Georgia, your state tax rate for lottery winnings is 5.75%. State tax rates on lottery winnings vary. So, when you take the cash option, you will end up with $161,317,045 after federal taxes. ![]() Remember, the rest of your federal tax bill comes next year and will cost you another $33,242,955. The federal government will immediately take $61,440,000 from that cash option (24%). If the jackpot remains at $476 million for the next drawing, and the cash option is $256 million, then here is how it will go: So, let’s say you decide to take the cash option when you win the jackpot.
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