The Mega Millions jackpot has surged to a staggering $650 million following the failure of any tickets to match the drawn numbers in the latest drawing. This impressive total positions the prize within the top 10 largest jackpots in the history of the game. The next opportunity for players to try their luck is set for Tuesday.
In the most recent draw, the numbers selected were 9, 21, 27, 48, and 56, alongside a “Mega Ball” of 10. Should a winner emerge from the upcoming drawing, they will have two choices for claiming their prize: a total of $650 million disbursed over 30 annual payments of approximately $21.7 million each, or a lump-sum cash option of $304.1 million, which tends to be the more favored choice among winners.
Winners should be aware of the associated taxes; an automatic withholding of 24% will apply to their winnings at the federal level. However, depending on their taxable income, they may find themselves subject to a higher rate of 37%—the top federal tax bracket. Consequently, this could reduce the annual payment to around $13.7 million, while the cash payout could be lowered to about $191.6 million. Additionally, many states impose their own taxes on lottery winnings, which could further affect the final amount take-home earnings. Notably, some states, including Texas and California, do not tax lottery winnings.
The current jackpot has been building for an impressive three-and-a-half months, with Tuesday’s drawing marking the 33rd attempt for this particular prize. In a related note, the upcoming Powerball drawing is scheduled for Saturday, with an estimated jackpot of $295 million and a cash value of approximately $140.3 million.
The odds of winning the Mega Millions jackpot stand at a daunting 1 in 290,472,336, highlighting the rarity of hitting the jackpot. The last entry into the top 10 Mega Millions jackpots was a prize of $1.3 billion won in December by a ticket holder in California. The record-setting jackpot remains the $1.6 billion claimed by a Florida winner in August 2023.
