Personal Finance

Here's the tax bill on that $393 million Mega Millions win

Key Points
  • The odds of winning a Mega Millions jackpot is said to be 1 in 258,890,850.
  • 86 percent of consumers say they would "invest or save" if they won the lottery.
  • 33 percent of people would donate some money to charity, following a win.
Powerball, Mega Millions jackpots both top $350 million
Powerball, Mega Millions jackpots both top $350 million

On Friday, a lucky winner in Illinois took home the $393 million Mega Millions jackpot.

The winning numbers for Friday's drawing were 23, 33, 53, 56 and 58, plus Mega Ball 6. The $393 million jackpot was the fifth largest in the game's history, and the second largest awarded to a single ticket.

Of course, that lucky winner won't walk away with the full amount. If the winner opts to take the $247.3 million lump sum, lottery site estimates the federal tax withholding would be a little more than $61.8 million, with Illinois state taxes taking another $12.2 million. Those figures are just the amounts withheld up front; the final tax burden is likely to be even higher.

Would-be millionaires have another chance to win big in Saturday's Powerball drawing, which takes place at 10:59 p.m. ET.

At $356 million, the Powerball jackpot is the 14th largest in the game's history, and the 21st largest in U.S. lottery. Cracking the top 10 for Powerball would require the jackpot to exceed the $425.3 million prize the game awarded to a single winner in February 2014.

The estimated federal tax withholding on the $224 million lump sum would be $56 million, according to State taxes would take up to another $19.8 million, with New York as the worst offender.

The breakdown of a lottery win