Mega Millions jackpot reaches $525 million—here’s what the winner will take home after taxes

Mega Millions jackpot
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Mega Millions jackpot reaches $525 million—here’s what the winner will take home after taxes

After no successful tickets were drawn Tuesday night, the Mega Millions jackpot reached $525 million on Wednesday morning, making it the 12th largest jackpot in the game’s history, although one lucky winner could get less than half that amount. will get. Federal taxes are cut.

important facts

A lucky ticket holder who matches all five white balls and a “Megaball” to claim the grand prize will have the option of receiving the huge payout in 30 annual installments or as a lump sum of $247.1 million. Will be, which is more popular by far. Choice among lottery winners.

Under the lump sum route, the winner’s payout would be reduced by a mandatory 24% federal tax deduction, reducing the prize to less than $187.8 million, while the federal marginal rate would be up to 37% – which would reduce the winner’s taxable income and other taxes. it depends on. Cuts could reduce it to just over $155.6 million.
If the winner opts for annual installments, the full 37% federal marginal rate would reduce each payment to approximately $11 million.

State taxes can deduct even more from grand prizes, although not every state taxes lottery winnings.

big number

One in 302 million. These are astronomical odds of winning the Mega Millions, a longshot made even further out of reach following changes to the game’s rules in 2017 aimed at increasing the jackpot size. That change changed the formula required to win, increasing the pool of white balls to choose from and making it harder to win the grand prize. Before the rule change the odds of winning the jackpot were one in 258.9 million. Since that change was implemented, the jackpot size has increased significantly, with seven of the 10 largest Mega Millions jackpots drawn since 2017.

what to see

The next Mega Millions drawing is scheduled for 11 p.m. on Friday. The Powerball, which has a $348 million jackpot and a pre-tax cash option of $164.3 million, will be drawn at 11 p.m. Wednesday.

amazing facts

Washington DC. A man sued Powerball this week after he said he was told by the lottery that the winning numbers matching a ticket he purchased for a $340 million jackpot were “mistakenly posted” by the lottery. . Plaintiff John Cheeks sued Powerball for breach of contract, gross negligence, and infliction of emotional distress, seeking $340 million in damages.

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