A lucky Texan is now the holder of an $800 million Mega Millions jackpot. The winning ticket, purchased in Houston suburb Sugar Land, matched all six numbers drawn on Tuesday night: 1, 2, 16, 24, 66, and the gold Mega Ball 6.
The winner has the option of receiving the full jackpot in 30 annual installments or taking a lump sum cash payout. Most winners typically choose the lump sum, which in this case would be $404.2 million.
However, after federal taxes are deducted, the cash prize will be reduced to $307.2 million. The winner's actual take-home amount could be even lower, depending on their state and federal tax brackets.
If the winner opts for the annual payments, they would receive $26.7 million each year. However, federal taxes could reduce this amount to as low as $16.8 million.
It's worth noting that Texas does not tax lottery winnings, which could provide a significant advantage to the lucky winner.
LISTEN on the Audacy App
Tell your Smart Speaker to "PLAY 1080 KRLD"
Sign Up to receive our KRLD Insider Newsletter for more news
Follow us on Facebook | Twitter | Instagram | YouTube