$360 Million Is Largest Mega Millions Jackpot Ever Won in Texas

Mega winnings in Texas this week. $360,000,000 is the ninth largest Mega Millions jackpot in the history of the Mega Millions lottery. Furthermore, it is the largest Mega Millions jackpot ever won in the Lone Star State. The ticket was purchased at the Stripes convenience store on Sherwood Way in San Angelo, Texas.

I know those numbers by heart because I purchased a ticket at that very convenience store the Saturday prior to the winning ticket being sold. I had been at the Christoval Vineyards for a wedding and when I drove back through town I stopped at Stripes. When I heard the winning ticket came from there I ran to my desk to check my numbers. Yes, I won...$8.

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The cool part is that this was a single-ticket winner and the money will not have to be shared. The actual $360 million jackpot will be whittled down to a cool $157.3 million since the ticket purchaser chose the cash option. The winning numbers were 12, 24, 46, 57, and 66, and the Mega Ball was 22.

While $157.3 million dollars will be nice to tuck away for a rainy day, that number will be whittled down even more because taxes will have to be paid. According to TaxAct.com, all lottery winnings are considered taxable income for both federal and state taxes. The federal tax on lottery winnings for Texans is 24%. So that $157.3 million dollars will be pared down to $119,680,000.

You would have to pay an accountant and a lawyer too, which may bring your final winnings down to a grand total of just over $100 million dollars. I feel like I want to put my pinky finger at the corner of my mouth and say that again, Austin Powers' Man-of-Mystery-style, "$100 million dollars". Nonetheless, that's a hundred million dollars more than the winner had before they bought the winning ticket.

Now, the trick is to keep it quiet so your family, friends, new friends, and neighbors don't try to whittle it down even more. If you won $100 million dollars, what is the first thing you would do with it?