Mega Millions winnings after taxes: How much the winner could actually take home in Texas
Friday's Mega Millions jackpot is estimated to be worth $1.35 billion, making it one of the largest lottery prizes ever in the U.S.
If you beat the odds and match all six numbers you will take home much less than a billion dollars (not that you'd complain).
Winners can choose to have their prize money paid out in 30 payments over 29 years, or in a lump sum.
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409,622 tickets purchased in Texas won something in Tuesday night's Mega Million drawing, according to the Texas Lottery.
If there is a single winner of the $1.35 billion jackpot, those who pick the cash option will receive an estimated $659.5 million.
Then there are the taxes. The IRS immediately takes 24% of all lottery winnings over $5,000, dropping the total to approximately $501,220,000 for a winner choosing the lump sum.
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The winner will also likely owe more when they file their 2023 federal income taxes.
Texas is one of 10 states that does not tax lottery winnings at the state level.
Friday's drawing will be held at 10 p.m.
If there is no jackpot winner on Friday, the Tuesday, Aug. 8 drawing is expected to be worth $1.55 billion.