$1.22 billion ticket from Mega Millions sold in California

$1.22 billion lottery ticket sold in California

Someone in California may have just become a billionaire as Mega Millions' jackpot-winning ticket was sold in Cottonwood, an area about an hour's drive north of Chico.

Someone in California may have just won $1 billion during the holiday season.

A Mega Millions ticket worth $1.22 billion has been sold in California. According to the state's lottery website late Friday night, the jackpot-winning ticket was sold at the Sunshine Food and Gas on Rhonda Road in Cottonwood, an area about an hour's drive north of Chico.

This means whoever bought the jackpot-winning ticket had the following numbers from the Dec. 27 drawing:

3, 7, 37, 49, 55, MB: 6

Now that the winning tickets have been sold, Mega Millions' jackpot will reset to $20 million for the upcoming drawing, which will be held on Tuesday, December 31 at 8 p.m. PT.

HOW MUCH DO YOU WIN AFTER TAXES?

There are 1.22 billion reasons to dream, especially what you would do with the jackpot money. However, one thing all lottery winners have to take into account is the fact that their prizes will be taxed.

So how much do you really get after taxes?

It depends on a couple of factors: do you have to pay state taxes where you live? Will you take the lump sum payment or the annuity payout?

According to Mega Millions' website, those electing to take the annuity option get one immediate payment followed by 29 annual payments, a process that is identical to Powerball with their payouts.

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