A Mega Millions winner in Texas would likely face fewer taxes than other states.
A person buys a Mega Millions lottery ticket at a store on July 29, 2022 in Arlington, Virginia. Friday night's Mega Millions jackpot has increased to an estimated $1.28 billion dollars, according to the Texas Lottery.
That's the third largest U.S. lottery prize of all time, but if you beat the odds and match all six numbers, it doesn't mean you will become a billionaire.If there is a single winner of the $1.28 billion jackpot, those who pick the cash option will receive an estimated $747.2 million. Then there are the taxes. The IRS immediately takes 24% of all lottery winnings over $5,000, dropping the total to approximately $567.8 million for a winner choosing the lump sum. Texas is one of 10 states that does not tax lottery winnings at the state level.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
9 Mega Millions tickets were a Mega Ball short of winning it allA few people came close to winning it all in Tuesday night's Mega Millions drawing.
Read more »
Mega Miss: Ticket Sold in California Desert Town Misses Mega Millions Jackpot by One NumberClose counts for something when it comes to a lottery jackpot in the neighborhood of $1 billion.
Read more »
Mega Millions jackpot: Here's how much NY will take in taxesThe Mega Millions jackpot is an estimated $1.1 Billion for Friday night's drawing but the winner will get much less than that.
Read more »
10 biggest Mega Millions, Powerball jackpots won in US lottery history: LISTThe biggest was a gargantuan $1.586 Powerball jackpot won in 2016 by three players in California, Florida and Tennessee.
Read more »
When Is the Next Mega Millions Drawing?After no winner was called in Tuesday’s $830 million drawing, the elusive jackpot topped the $1 billion mark for just the third time in history — and it’s still up for grabs.
Read more »
$1M Mega Millions ticket sold on Staten IslandSomeone on Staten Island won a million dollars in Tuesday's Mega Million drawing.
Read more »