How Much You'd Take Home After Taxes If You Win $785M Mega Millions Jackpot

If you're feeling lucky, play Mega Millions! The estimated annuitized jackpot is up to $785 million — and the winner, if from Texas, would take home a huge chunk of that after taxes.

Should you play and/or win Mega Millions, you'll have a few options to be paid out: You can get your cash in installments of 30 payments over 29 years or you can select the lump sum cash option, which would net you about $395 million. That doesn't include taxes, though.

The IRS will immediately take 24% of winnings over $5,000, FOX 4 reports. That means if you choose the cash option, you're looking at just over $300 million in your bank account. Don't forget what changes you'll need to make come tax season.

On the plus side, though, Texas is one of 10 states that doesn't tax winnings at the state level.

The next Mega Millions drawing will be held Tuesday (January 3) at 10 p.m. CT.

In the last drawing on December 30, the highest prize won by Texas residents was $90,000 on a Megaplied $30,000 ticket that matched four out of five numbers (1-3-6-44-51) and the Mega Ball (7). There were no jackpot or second prize winners in this drawing. Better luck next time!