Winner winner chicken dinner! You just won the lottery, but do you know what to do next? Here’s what to know before you cash out.
The Mega Millions jackpot has reached an estimated $735 million for Tuesday's drawing after no one won the jackpot Friday night.
The previous jackpot stood at $687 million with a cash option of $333.4 million.
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The cash option for Tuesday's drawing is an estimated $356.7 million.
Although most take the cash option, winners can choose the annuity payment option, which gives one immediate payment and continues to give annual payments over the next 29 years. The payments increase by 5% each time in the annuity option, however most choose the cash option.
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Winnings also come with a chunk going to Uncle Sam.
There's a mandatory 24% federal withholding for winnings above $5,000 that goes straight to the IRS. Some states tax lottery winnings as well, but states that do not impose an income tax on lottery winnings include California, Texas and Florida.
Mega Millions is played in 45 states as well as Washington, D.C., and the U.S. Virgin Islands.
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Drawings take place every Tuesday and Friday at 11 p.m. EST.
