A winning ticket for Friday night's Mega Millions lottery, which had a jackpot of $1.22 billion, was purchased in California. The jackpot is the fifth-highest Mega Millions jackpot of all time and the highest jackpot of the year.

“We know that many people will likely receive tickets to Friday’s drawing as holiday gifts, and what a gift that would turn out to be if you ended up with a ticket worth a $1.15 billion jackpot,” Joshua Johnston, lead director for the Mega Millions Consortium, said in a news release before the jackpot rose again to $1.22 billion.

While an automatic 24% is withheld upfront, you would almost certainly owe a total of 37% when you file your 2024 tax return.