Mega Millions winnings after taxes: How much you would take home in Texas
The Mega Millions jackpot for Friday's drawing is worth more than a billion dollars.
What is the Mega Millions jackpot for Dec. 27, 2024?
The jackpot for the Dec. 27 drawing is $1.15 billion, according to Mega Millions.
There have been 30 drawings since a Texas ticket won $810 million in September.
What They're Saying: "We know that many people will likely receive tickets to Friday’s drawing as holiday gifts, and what a gift that would turn out to be if you ended up with a ticket worth a $1.15 billion jackpot," said Joshua Johnston, lead director for the Mega Millions Consortium.
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By The Numbers: The overall odds of winning any Mega Millions prize are 1 in 24, according to lottery officials – and the odds of winning the jackpot are 1 in 302,575,350.
4,292,338 winning tickets were sold for the December 24 drawing, including 331,398 in Texas.
How much would you win after taxes in Texas?
If you beat the odds and match all six numbers, you won't automatically become a billionaire.
Winners can choose to have their prize money paid out in 30 payments over 29 years, or in a lump sum.
If there is a single winner of the $1.15 billion jackpot, those who pick the cash option will receive an estimated $516.1 million.
Then there are the taxes. The IRS immediately takes 24% of all lottery winnings over $5,000, dropping the total to approximately $392,236,000.
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The winner will also likely owe more when they file their 2024 federal income taxes.
Texas is one of 10 states that does not tax lottery winnings at the state level.
What is the largest ever Mega Millions jackpot?
Friday night's jackpot would be the fifth-largest in the game's history.
Here are the biggest winners:
- $1.602 billion - August 8, 2023
- $1.537 billion - October 23, 2018
- $1,348 billion - January 13, 2023
- $1.337 billion - July 29, 2022
- $1.05 billion - January 22, 2021