The Mega Millions jackpot rose to $1.22 billion after no one managed to hit all six numbers on Christmas Eve. The Friday night drawing comes with a cash option of $549.7 million. If it's won, it would be the fifth-largest jackpot in Mega Millions history,

The Mega Millions jackpot has reached $1.22 billion. Experts say winners should generally take the money in annuities, but that’s not what most people do.

While an automatic 24% is withheld upfront, you would almost certainly owe a total of 37% when you file your 2024 tax return.