THE Mega Millions jackpot has risen to an eye-watering amount, but winners will still have to give a sizable portion of their prize to the government in the form of taxes. They might be able to avoid paying taxes on the winnings year after year if they opt for the lump sum option, one expert said. GettyLottery winners may be able to avoid repeatedly paying taxes on their winnings if they opt for the lump sum option[/caption] GettyAnnuity payments often allow winners to keep more of the money, but they have to pay taxes on that income every year[/caption] After the most recent Mega Millions drawing on Friday night, the prize grew to $1.05billion. The newest winning number
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