Topline
The Mega Millions jackpot rose to $489 million—the second biggest lottery prize of the year so far—after no tickets matched all six numbers drawn on Tuesday night, although the eventual winner will take home a much smaller payout after taxes and deductions.
The Mega Millions jackpot neared $500 million after Tuesday’s drawing.
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Key Facts
The six numbers drawn on Tuesday night were 48, 51, 60, 63, 66, and Mega Ball 20.
If a winner emerges in the next draw, they will have a choice between taking the $489 million prize spread over 30 annual installments or a lump sum cash payout of $220.9 million—the preferred option for most winners.
If the winner picks the cash prize, their winnings will first drop to around $167.9 million after a mandatory federal withholding of 24% is applied.
The winner would likely face a federal marginal rate as high as 37%, depending on their taxable income, further reducing the winnings to around $139.2 million.
If the installments route is chosen, the winner’s annual payments of around $16.3 million would fall to $10.27 million after the 37% federal marginal rate is applied.
Depending on their home state, the winner could face additional taxes, as some states, such as New York, tax lottery winnings at 10.9%, while others, such as Texas, Florida, and California, don’t.
What To Watch For?
The next Mega Millions drawing is scheduled to take place on Friday night. The Powerball jackpot, which has risen to $327 million, will have its next drawing on Wednesday night.
Big Number
1-in-290.4 million. Those are the astronomical odds a Mega Millions ticket buyer will need to overcome to win the jackpot. This is only slightly better than the Powerball jackpot’s odds of 1-in-292.2 million.
Key Background
In March, a Mega Millions ticket sold in Illinois won a $533 million jackpot, which remains the biggest lottery prize of the year so far. The biggest Powerball jackpot of the year so far is a $250.8 million prize claimed by a lottery player from Arkansas.
further reading
Mega Millions Ticket Sold In Illinois Wins $533 Million—Here’s What They Could Take Home (Forbes)