"Record-breaking Mega Millions jackpot brings hefty tax bill for winners"
The Mega Millions jackpot has reached an estimated $910 million, but winners should be prepared for a significant tax bill. The lump sum payout option of $464.2 million is recommended by financial experts, as it allows for immediate investment. However, winners will face a 24% federal withholding, reducing the prize by over $111.4 million. Additionally, the winner will be pushed into the 37% tax bracket, resulting in a substantial tax bill. State taxes may also apply, depending on the winner's location.