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.
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