How Much You’ll Actually Take Home from the $1.6 Billion Mega Millions Jackpot [Updated]

Tuesday’s Mega Millions jackpot has reached a record $1.6 billion, but what the winner will actually take home depends on picking the annuity or the lump sum payment-and, of course, taxes. The debate between whether to take the lump sum or the annuity is intense, although most winners opt for the lump sum.

If you’re planning on winning the big jackpot, you definitely do NOT want to be New York or Maryland resident!!! Though to be honest, if you do win quibbling about a few % in taxes won’t be one of your most immediate concerns.