Texas’ MegaMillions Jackpot Reaches $1 Billion
The Texas Lottery announced today that the MegaMillions jackpot has reached $1 billion - the 3rd largest jackpot in U.S. lottery history. If you haven't been tossing in a little cash to your office's lotto pool, now may be the time to start.
What would you do for a billion?
If I won a billion dollars, I am going crazy!
I would continue working at my job to keep myself occupied, but would be hella disrespectful! lol....
I'm buying everything I can.
And investing in everything!
I would make sure my family is good, because who wants to be ballin' and your family and friends are struggling?
I would buy a random animal like a donkey just because I could.
So while the donkey salesman has me on hold, let's break down the numbers.
Say you are lucky enough to win the money, and you opt to take the lump sum.
According to Kiplinger, if you chose the annuity payments option you will receive $33,333,333 for the next 30 years.
If you go for the lump sum you'll receive $739 million, but Uncle Sam is going to get his first. You'll have to pay the IRS, who takes 24% of the winnings first then you'll get taxed on it.
If you are a winner here in the state of Texas, you won't have to worry about the state dipping into your winnings as we are an income tax-free state.
Good Luck if you are playing tonight, and if you win, I hope you do what Geoffrey did!
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