What better way to ring in the new year than winning $640 million! We take a look at how much a MegaMillions winner in Texas would have to pay in taxes.
If you beat the odds and match all six numbers, it doesn't mean all of that money will go right into your bank account.If there is a single winner of the $640 million jackpot, those who pick the cash option will receive an estimated $328.3 million.
Then there are the taxes. The IRS immediately takes 24% of all lottery winnings over $5,000, dropping the total to approximately $249,508,000 for a winner choosing the lump sum. Texas is one of 10 states that does not tax lottery winnings at the state level.
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