The Real Cost of Winning the Lottery in Montana

The Mega Millions is back in the headlines with another ridiculous amount of cash up for grabs. It's an amount that has everyone across the country dreaming about what they would do if they took home the winnings.

But, what's the cost of winning the lottery in Montana? Can you stay anonymous if you win the lottery in Montana?

The Cost Of Anonymously Winning The Lottery In Montana

At the time of writing this, the Mega Millions jackpot is just over $700 million at an estimated $714 million with a cash option of $334.1 million. The next drawing takes place tonight at 9 PM MST.

ALSO READ: Why This New Sam Adams Beer Is Banned In Montana

But, what's the cost of winning the lottery in Montana? Can you stay anonymous if you win?

According to World Population Review, Montana is one of nineteen states in the country that allows you to remain anonymous when winning the lottery. While that's fine and dandy, it does come with a cost in the form of a state tax.

Montana is one of thirty nine states that charges a state income tax and you'll have to pay that along with the federal tax if you're a lucky winner. According to the Montana Lottery:

For U.S. citizens furnishing Social Security Numbers, we are required to withhold 5.9% for Montana state tax and 24% for federal tax from any prize greater than $5,000.

In the case of winning a $714 million jackpot, you would owe Montana around $42.1 million dollars.

Get our free mobile app

While that sounds like a lot, you're still taking home millions of dollars you otherwise wouldn't have, even after paying the federal tax.

But if you're able to remain anonymous when winning the lottery in Montana whereas you can't in other states, perhaps that extra tax is worth it?