Got your ticket(s) yet?
If you win, take the cash option. Taxes are probably going up on the rich next year.
The jackpot is now up to $550 million.
Under current tax law, if you take the 30 year annuity your annual $18,333,333 will be taxed $4,583,333 by the IRS and $1,980,000 by the State if you live in New Jersey, for a net annual payment of $11,770,000.
If you take the $360,200,000 cash jackpot, the feds will take $90,050,000 and New Jersey will take $38,901,600, leaving you with a net payment of $231,248,400.