George Petras,Javier Zarracina|USA TODAYOne winning ticket for Friday'sMega Millions jackpot – a prize of an estimated $1.35 billion – was sold in Maineand tax officials are probably just as excited as the ticket holder, who has not yet been identified.Depending on choice of payout, the winner may have to wait three decadesto become a billionaire, even though the jackpot is the second-largest in the lottery's history. It's alsothe fourth time since October 2018 thatwinnings haveexceeded $1 billion.The sole winner, however, won't take home any moneywithout paying substantial taxes on it first. Winnings are reported to federal and state tax agencies, and tax rates are based on taxable income.What to know if you hit the jackpot:Hereare the first steps you should take after winning.The winnercan choose to take the full amount in annual payments over 29 years or a smaller lump sum immediately in cash.How much tax on a $1.35 billion lottery win?The single winner could take the total $1.35 bi...
