Why winner of Mega Millions drawing will take home a fraction of the $1.22 billion jackpot

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Why winner of Mega Millions drawing will take home a fraction of the $1.22 billion jackpot

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The winner of Friday night's historic Mega Millions jackpot - if there is finally a winner - will come away with a quarter of the $1.22 billion advertised on billboards. That's because if they accept their prize as a lump sum, as almost all do, they would receive around $550 million. After taxes are deducted they'd then be left with $285 million. The headline-grabbing jackpot amount advertised in stores, gas stations and roadside billboards is not actually the amount lottery organizers have in the prize pool.
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