"$607 Million Mega Millions Jackpot: Winning Numbers and Tax Implications"

The Mega Millions jackpot has reached $607 million, but the winner would take home less than half that amount after taxes. The winner can choose between a lump sum of $286.9 million or annual installments, but federal tax withholding and marginal rates could significantly reduce the winnings. Some states also tax lottery winnings. The next drawing will be held on Friday, and Powerball is also offering a $412 million jackpot with similar tax implications.