According to reports, the winner of the $1.28 billion lottery is set to collect $433.7 after taxes.
The $1.28 billion prize is the second-largest jackpot in Mega Millions lottery history, according to Forbes. It was previously reported that the winning ticket for the massive prize was purchased in Illinois. If the winner takes the lump sum, they will get $747.2 million. After taxes, that comes out to $433.7 million. For the winner, the IRS could take up to 37%, which would bring the prize to $567,872,000. From there, the winner could face more money to dish out, as they would have to deal with a 4.95% state income tax since the winning ticket was purchased in Illinois. The amount would come to around $37 million in taxes. It was noted the tax withholding rate on lottery winnings is only 24%.