An estimated $800 million Mega Millions jackpot that ranks as the seventh-largest jackpot in Mega Millions history will be up for grabs Tuesday night.
The last time someone won the game’s top prize was on June 4 when a winning ticket worth $552 million was sold in Illinois.
Despite the big money pot, the prize is still subject to taxes, which include an automatic withholding tax of 24% levied against the winnings, and another 13% in federal taxes when you file your 2024 return. There are also state taxes in some jurisdictions, which range from 2.9% to 10.9% depending on the state you live in. But if you're lucky enough to live in California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington or Wyoming, you won't pay income in your winnings.Lottery jackpots grow so large because the odds of winning are so small. For Mega Millions, players have a 1 in 302.6 million chance of taking home the top prize.
Mega Millions is played in 45 states as well as Washington, D.C., and the U.S. Virgin Islands. Drawings occur every Tuesday and Friday night at 11 p.m. EST. Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly
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