A $1 billion Mega Millions lottery jackpot is up for grabs on Christmas Eve, representing the seventh-largest prize in the lottery's history. A winner choosing the lump-sum payment would receive approximately $341 million after federal taxes, with state taxes varying. The article details the tax implications of both lump-sum and annual payout options, contrasting them with previous multi-billion dollar Mega Millions wins. The article also mentions rule changes implemented in October which aim to increase jackpots and improve player odds.
