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

She waited 4 months to claim her prize! đź’°

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 only gets to keep less than half of the total. She chose a one-time, lump-sum payment, rather than the 30 graduated annual payments.

She gets to keep $126,004,016.00. 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. 30% of taxes are withheld if you're a "non-resident alien."

For any additional state or local taxes, the winner is responsible for filing.

The Mega Millions winning ticket. The Mega Millions winning ticket.The Florida Lottery

Baker almost missed the cut-off to get her money if she waited just two more months. According to the Florida Lottery, you have 180 days to claim your winnings for the Mega Millions.

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

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

Any prize of one million and above can be claimed at the Lottery Headquarters, which is located in Tallahassee, FL.