Topline
The Mega Millions jackpot climbed to an estimated $619 million, the Tenth-largest in its historical past after no successful tickets had been drawn Friday night time, whereas a fortunate winner—going through one-in-302-million odds—might take residence lower than one-third of that quantity after paying required taxes.
The prize is the Tenth-largest within the lottery’s historical past.
Key Facts
A ticket holder that matches all 5 white balls and one “megaball” for the jackpot can select between a payout over 30 annual installments or a one-time lump sum of $297.7 million.
That payout can be diminished to $226.2 million after a compulsory 24% federal tax withholding, however a federal marginal charge as excessive as 37%—relying on the winner’s taxable revenue and different tax deductions—might reduce the winnings right down to $187.5 million.
Annual installments would pay a median of $12.9 million with a 37% federal charge.
Lottery winnings are additionally topic to taxes in some states, with charges as excessive as 10.9% in New York ($32.4 million) and as little as 2.5% in Arizona ($7.4 million), although different states like California or Texas don’t tax winnings.
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What To Watch For
The subsequent drawing for the Mega Millions jackpot is on Tuesday night time. Powerball will maintain its subsequent drawing Saturday night time for a $260 million jackpot. That grand prize features a $125.5 million lump sum choice, which might be diminished to $95.3 million after a 24% obligatory tax withholding or to $79 million with a federal marginal charge as excessive as 37%.
Surprising Fact
The jackpot is the Tenth-largest in Mega Millions historical past. The fifth- ($1.1 billion) and seventh-largest ($810 million) had been drawn this yr in March and September, respectively.
Big Number
1 million. That’s what number of non-jackpot-winning tickets had been drawn Friday night time, together with 4 that gained $20,000 prizes. Across the 25 drawings for the present jackpot, greater than 15.3 million tickets have been bought and 38 have gained $1 million prizes.
Key Background
A Mega Millions ticketholder from Texas gained a $800 million jackpot, the second-largest prize gained this yr after a ticketholder in New Jersey gained $1.1 billion in March. Mega Millions introduced in October it might replace its lottery to supply gamers with “larger jackpots, higher odds” and new rewards. The new adjustments embody eradicating one of many “megaballs” from the drawn, bettering odds from one-in-25 to one-in-24, beginning with a bigger jackpot, implementing a “randomized” multiplier for non-jackpot prizes and no break-even prizes, that means if a participant matches a “megaball” they’d win no less than $10.
Further Reading
