Here is how much tax you would owe if you won the $630 million Mega Millions jackpot.

The top prize in the national lottery game has already surpassed the $500 million mark and is predicted to be worth $630 million for the draw on Friday night.

A substantial tax charge would be attached to it. Taxes end up eating up a sizable portion of any earnings

they are collected as a lump sum payment right once or as an annuity of 30 payments spread over 29 years.

The first withholding would be $86.3 million.

The first withholding would be $86.3 million.

The cash option for this $630 million prize is $359.7 million, which is what the majority of winners pick.

Your earnings would be $86.3 million less after a statutory 24 percent federal tax withholding on that sum.

You might expect to owe more at tax time, though, as the top federal marginal tax rate is 37 percent.

 which is applicable to income beyond $539,900 for single taxpayers and $647,850 for married couples filing jointly.

According to the American Institute of CPAs, charitable thinking is one approach to lower your tax bill:

The IRS would be owed an additional 13%, or $46.7 million ($133 million total), if your income did not decrease.

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