Mega Hundreds of thousands Might Break Its All-Time Jackpot Report—Right here’s How A lot The Winner Will Take House After Taxes

Mega Millions Could Break Its All-Time Jackpot Record—Here’s How Much The Winner Will Take Home After Taxes


The Mega Hundreds of thousands jackpot is projected to achieve an estimated $1.55 billion for its subsequent drawing on Tuesday, the lottery’s largest prize ever—although the winner might obtain lower than one-third of that quantity after paying required taxes.

Key Information

The winner—going through odds of 1 in 302.6 million—can obtain the $1.55 billion over 30 annual funds or as an up-front lump sum of $757.2 million.

The lump sum fee can be decreased to $575.4 million by a compulsory federal tax withholding of 24%, whereas a federal marginal price as excessive as 37%—relying on the winner’s taxable earnings—might drop the winnings to simply over $477 million.

A number of states tax lottery winnings, with charges as little as 2.5% in Arizona ($18.9 million) to as excessive as 10.9% in New York ($82.5 million), although some states—together with California, Florida and Texas, amongst others—don’t tax lottery winnings.

Two tickets gained $2 million in Friday night time’s drawing, along with seven different tickets that gained $1 million.

Stunning Truth

The most important jackpot ever gained is a $2.04 billion Powerball prize claimed final yr. The Mega Hundreds of thousands jackpot is projected to be the third-largest prize ever, trailing a $1.58 billion Powerball jackpot gained in 2016.

Huge Quantity

5,331,114. That’s what number of successful tickets have been offered for Friday’s drawing. Of these, 24 gained $20,000 and 104 gained $10,000.

Key Background

The Mega Hundreds of thousands jackpot has eclipsed the $1 billion mark 4 different instances, every within the final 5 years. All 10 of the biggest jackpots ever have been claimed within the final seven years, after each the Powerball and Mega Hundreds of thousands lotteries elevated the variety of white ball numbers to attract from, worsening the chances of successful both jackpot. The Powerball jackpot most lately eclipsed $1 billion final month, after a ticket holder gained $1.08 billion in California.

ALSO READ  Powerball Jackpot Swells To File $1.9 Billion After No Ticket Wins Saturday’s Draw—Right here’s How A lot Tax A Winner Would Pay

Additional Studying

Right here Are The Prime 10 Lottery Jackpots Of All Time—As Mega Hundreds of thousands Reaches $910 Million (Forbes)

Mega Hundreds of thousands Jackpot Hits $1.25 Billion—Right here’s How A lot The Winner Will Take House After Taxes (Forbes)

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