Whoever is holding the winning ticket for the $432 million Mega Millions jackpot is about to discover what it is like to pay a huge tax bill. A single Mega Millions ticket sold in New York City matched all six numbers in Tuesday night’s drawing to capture the top prize. But unfortunately, while the windfall will be a life-changing bonanza, the advertised amount isn’t what the winner will end up owning.
Winners can choose between taking their prize as either a lump sum or an annuity paid over 30 years. For the $432 million Mega Millions jackpot, the cash option, which most people go with, is about $315 million.