Friday's jackpot of $500 million is the largest in the history of the game.
GRAND RAPIDS (WZZM) -- The $206 million jackpot in Tuesday's Mega Millions drawing is a lot of money, but you do not actually get that much.
You have a choice of taking the one-time cash option -- or lump-sum payment -- of $151.9 million before taxes, or you can receive 26 annual payments of about $7.9 million pre-tax.
The federal government takes 25% of the jackpot for income taxes, while the state of Michigan gets 4.35%.
If you take the cash option, it's about $107 million after taxes. The annuity, once taxes are taken out, would pay almost $5.6 million a year for 26 years.
If you total it all up, you end up getting almost $40 million more if you take the annuity.