DALLAS - Friday night's Mega Millions jackpot has increased to an estimated $1.35 billion dollars, according to the Texas Lottery. That's the second-largest jackpot in U.S. history.
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.
Winners can choose to have their prize money paid out in 30 payments over 29 years or in a lump sum.
If there is a single winner of the $1.35 billion jackpot, those who pick the cash option will receive an estimated $707.9 million.
Then there are the taxes. The IRS immediately takes 24% of all lottery winnings over $5,000, dropping the total to approximately $538,004,000 for a winner choosing the lump sum.
The winner will also likely owe more when they file their federal income taxes.
Texas is one of 10 states that does not tax lottery winnings at the state level.
The drawing will be held on Friday, January 13, 2023, at 10 p.m. CST.