Mega Millions Ticket Sold In Texas Wins $800 Million Jackpot—Here’s How Much They Will Take Home After Taxes

Texas Lottery Announces Match of All Six Winning Numbers

The Texas Lottery Commission has announced that a single ticket sold in Texas matched all six winning numbers in the Mega Millions drawing on Tuesday, March 22, 2023. The winning numbers were 13-36-45-57-67, and the Mega Ball was 14.

The lucky winner has the choice of taking the jackpot as a lump sum payment of $474 million or an annuity of $800 million paid out over 29 years.

Taxes on Mega Millions Winnings

Lottery winnings are subject to both federal and state taxes. The federal tax rate on lottery winnings is 25%, and the state tax rate in Texas is 0%. This means that the winner will take home $474 million if they choose the lump sum option or $592 million if they choose the annuity option, after federal taxes are withheld.

In addition to federal and state taxes, lottery winnings may also be subject to local taxes. The winner should consult with a tax advisor to determine the exact amount of taxes they will owe.

What Happens Next

The winner has 180 days to claim their prize. They can claim their prize at any of the Texas Lottery's regional offices or by mail. The winner must present their winning ticket and a valid form of identification to claim their prize.

Once the winner has claimed their prize, they will have the option of choosing how they want to receive their winnings. They can choose to receive their winnings in a lump sum or as an annuity. If they choose the annuity option, they will receive their winnings in 29 annual installments.

Conclusion

The Mega Millions jackpot win is a life-changing event. The winner has the opportunity to use their winnings to make their dreams come true. We wish the winner all the best in their future endeavors.