This Is How Much Georgia's Mega Millions Winner Will Pay in Taxes

The as-yet-unidentified winner of a Mega Millions jackpot in Georgia may be a whole lot richer, but they’re going to pay an obscene amount of money in taxes. Their actual take-home amount is (comparatively) much lower than their winnings, which stand at a whopping $983 million.

Winner Ended Mega Millions Drought

After the longest time without a winner in the history of Mega Millions, an unnamed customer purchased a winning ticket at a Publix supermarket in Newnan, outside of Atlanta. It had been 40 days since the previous winner was named. The ticket matched all six winning numbers—1, 8, 11, 12, 57, and the Mega Ball 7. The odds of winning were 1 in 290,472,336.

But They'll Pay a Boatload in Taxes

But while the win is something to celebrate, the amount of tax taken in is not. In addition to the 24 percent in federal taxes withheld by the IRS, Georgia taxes lottery winnings at 5.14 percent, the same as income. If they opt for the lump sum, the winner will take home roughly $240 million. That means they'll pay somewhere around $750 million in taxes. But if they select a payout over the course of 30 years, they’ll net significantly more. In that case, they’d take home around $522 million—$17.4 million annually, with a total of around $460 million in taxes.

Winner Has 6 Months to Claim Their Money

The lucky winner has yet to claim their prize money, but under Georgia law they have six months to claim the loot. After this win, Mega Millions’ pot will reset to $50 million. Tickets are drawn every Tuesday. Back in April, the price of tickets increased from $2 to $5, which officials said would increase the chances of winning. In a statement, Joshua Johnston, the lead director for the Mega Millions Consortium, confirmed that “$983 million is the largest jackpot that’s been won since the Mega Millions game changed back in April.”