Right off the bat, the IRS would get more than $100 million in taxes.
div > div.group > p:first-child"> After no one hit all winning numbers in Saturday night's drawing, the top prize has jumped to a whopping $750 million. And while players daydream about what they'd do with such a windfall, they should remember they wouldn't really end up with the advertised amount.
"The big impact on winnings is taxes," said certified financial planner Dan Routh, a wealth advisor at Exencial Wealth Advisors in Oklahoma City."If you win, just realize how big the tax bill can be and make sure you're ready to handle it." For Wednesday night's drawing, the cash option — which most winners go with — is $465.5 million. The 24 percent federal withholding would reduce that amount by $111.7 million.
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