How much the winner could actually take home in Texas

Tuesday night time’s Mega Millions jackpot has elevated to an estimated $785 million {dollars}, in line with the Texas Lottery.

If you beat the odds and match all six numbers, it does not imply all of that cash will go proper into your checking account.

Winners can select to have their prize cash paid out in 30 funds over 29 years or in a lump sum.

READ MORE: $785M Mega Millions jackpot for Tuesday night is 6th largest in US history

If there’s a single winner of the $785 million jackpot, those that choose the money choice will obtain an estimated $395 million. 

Then there are the taxes. The IRS instantly takes 24% of all lottery winnings over $5,000, dropping the complete to roughly $300,200,000 for a winner selecting the lump sum. 

The winner may also doubtless owe extra after they file their 2022 federal revenue taxes.

READ MORE: States that allow Mega Millions winners to remain anonymous

Texas is one in every of 10 states that doesn’t tax lottery winnings at the state stage. 

The drawing might be held on Tuesday, January 3, 2023, at 10 p.m. CST.

Texas Mega Millions Winners

In 2022, 13 Mega Millions gamers gained second-tier prizes of $1 million or extra. 

Since Texas began promoting Mega Millions tickets in 2003, 13 jackpot profitable tickets have been offered in Texas.