In The U.S., A Man Won $800 Million In The Lottery

The ticket holder matched all six winning numbers.

In the U.S., the holder of a Mega Millions lottery ticket purchased in Florida won the $800 million jackpot. The winning ticket matched all six winning numbers: 34, 48, 49, 59, 70, and the Mega Ball number 12, according to Forbes.

The winner will be able to choose one of two payment options. The first is the full amount of $800 million, which will be paid out in equal installments over 30 years. The second is a lump-sum payment of $344.2 million, which is typically the preferred option for most winners.

If the lump-sum payment is chosen, the amount will be approximately $261.6 million after the mandatory 24% federal withholding tax. Taking into account the possible maximum federal tax rate of 37%, the final net amount may be reduced to approximately $216.8 million.

If the winner chooses an annuity, the annual payment will be approximately $26.7 million before taxes. After federal taxes are paid, the winner can expect to receive about $16.8 million per year.

An additional advantage for the lucky winner is that Florida has no separate tax on lottery winnings, nor does it have a state income tax on individuals.

The odds of winning the Mega Millions jackpot were extremely low—approximately one in 290.4 million. But in another popular U.S. lottery, Powerball, the odds are even lower—one in 292.2 million.

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