A Florida Woman Just Claimed A $494M Lottery Win & Here's How Much She Actually Takes Home

A Florida woman from Bonita Springs won the Mega Millions Jackpot — only it was back in October. Four months later, 44-year-old Pamela Baker claimed her prize of $494M.

But here's the catch — she doesn't get to keep it all. In fact, she'll see less than half of the grand total. She chose a one-time, lump-sum payment, rather than the 30 graduated annual payments.

She gets to take home $126,004,016. While that is still a big chunk of change, she would have been able to get more if she had chosen the other option.

The IRS requires the Florida Lottery to withhold 24% federal withholding tax from prizes above $5,000, according to the organization's website, while 30% is withheld in taxes if you're a "non-resident alien."

Additionally, the winner is responsible for filing any state or local taxes beyond the federal amount.

The Mega Millions winning ticket.Courtesy of the Florida Lottery.

Baker would've almost missed the cut-off to get her money if she had waited just two more months to cash in her winning ticket. According to the Florida Lottery, you have 180 days from the draw date to claim your winnings for the Mega Millions.

She purchased the ticket at a 7-Eleven located at 2980 Colonial Blvd., Fort Myers, Florida, and the retailer who sold her the jackpot-winning ticket also earned a nice commission of $100,000.

If you win $600 or more, you need to fill out a Winner Claim Form alongside identification issued within the past 5 years.

Any prize of $1 million and above can be claimed at the Lottery Headquarters, located in Tallahassee, Florida.

This article's cover image was used for illustrative purposes only.