$116 Million Tax Bill<\/strong><\/h2>\nShould the Oyster Bay winner make themselves known, they will either claim a one-off cash payment of $254 million or the full amount divided into 30 annual payments over the next 29 years. That\u2019s before taxes, of course.<\/p>\n
If the winner chooses to receive the lump sum — and most do — lottery officials will automatically withhold 24 percent ($61.1 million) for the feds. But with the top federal tax rate at 37 percent, the winner will have to pay a further $33 million on top of that.<\/p>\n
The State of New York will then take 8.8 percent, or another $22.5 million, leaving our mystery Long Islander with around $137 million.<\/p>\n
Jason Kurland is a partner at Rivkin Radler, a law firm that helps new lottery winners negotiate the pitfalls of their newfound wealth.<\/p>\n
\u201cAll of the numbers involved in these huge jackpots are staggering, and the taxes are no exception,\u201d he told CNBC.<\/p>\n","protected":false},"excerpt":{"rendered":"
One lucky Mega Millions player in Long Island, New York kicked off 2019 with a bang when they became the eighth-biggest winner in the draw\u2019s history, scooping a $254.6 million prize on New Year\u2019s Day. Lottery officials confirmed Tuesday that a single winning ticket had been sold at Brookville Auto Service in the town of […]<\/p>\n","protected":false},"author":36,"featured_media":95381,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13699],"tags":[],"acf":[],"yoast_head":"\n
Long Islander Wins $254.6 Million Mega Millions Lottery Jackpot<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n