Mega Millions ticket sold in Texas wins $800 million jackpot – that's how much the player gets after taxes

Mega Millions announced that a ticket sold in Texas contained all six numbers drawn Tuesday night – 1, 2, 16, 24 and 66 – as well as the gold Mega Ball 6.

The winner must now decide whether to receive the full payout of $800 million, divided into 30 annual installments, or a lump sum of $404.2 million – which is usually the most popular choice among winners.

After deducting the mandatory federal tax of 24%, the cash prize is reduced to $307.2 million.

Depending on taxable income, the winner may have to pay a federal marginal tax rate of up to 37%, which would further reduce his winnings to $254.6 million.

If the winner chooses to pay in installments, his annual payments would drop from $26.7 million to $16.8 million when the federal marginal tax rate of 37% is applied.

Unlike several other states, Texas does not tax lottery winnings.