Single $800M Mega Millions ticket sold in Texas

A lucky Texan is now the holder of an $800 million Mega Millions jackpot. The winning ticket, purchased in Houston suburb Sugar Land, matched all six numbers drawn on Tuesday night: 1, 2, 16, 24, 66, and the gold Mega Ball 6.

The winner has the option of receiving the full jackpot in 30 annual installments or taking a lump sum cash payout. Most winners typically choose the lump sum, which in this case would be $404.2 million.

However, after federal taxes are deducted, the cash prize will be reduced to $307.2 million. The winner's actual take-home amount could be even lower, depending on their state and federal tax brackets.

If the winner opts for the annual payments, they would receive $26.7 million each year. However, federal taxes could reduce this amount to as low as $16.8 million.

It's worth noting that Texas does not tax lottery winnings, which could provide a significant advantage to the lucky winner.

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