With no ticket matching all six numbers in the Mega Millions drawing on Tuesday night, the jackpot has surged higher yet again. Now at $444 million, the top prize has been growing for more than two months through twice-weekly drawings with no winner. The Powerball jackpot, meanwhile, isn't too far behind: $350 million for Saturday night's drawing. And while the odds are stacked against players snagging the bonanza in either game, the IRS is always a guaranteed eventual winner.

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Whether you take the prize as an annuity spread out over three decades or as an immediate, reduced lump sum, 24% is withheld for federal taxes. However, the top marginal tax rate of 37% means owing a lot more to the IRS at tax time. State taxes typically are due, as well. "All of the numbers involved in these huge jackpots are staggering, and the taxes are no exception," said Jason Kurland, a partner at Rivkin Radler, a law firm in Uniondale, New York. For Friday night's $444 million Mega Millions jackpot drawing, the cash option — which most winners go with — is $281.1 million. The 24% federal withholding would reduce that amount by $67.5 million.