Mega Millions after taxes: How much the winner could actually take home in Texas

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Mega Millions after taxes: How much the winner could actually take home in Texas
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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.READ MORE: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. Texas is one of 10 states that does not tax lottery winnings at the state level.

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