Friday's Mega Millions drawing brought no jackpot winners, pushing the prize up to an estimated $875 million for Tuesday.
The increase places the upcoming jackpot within the top 10 jackpots ever, surpassing the $842.4 million jackpot one by someone in Michigan on Jan. 1, 2024.If someone did win Friday's grand prize, they could have opted for a $385.1 million cash option, which would be a one-time payment in lieu of receiving the $815 million.
The large sum is for the 30-year option, which gives winners one immediate payment and continues to give annual payments over the next 29 years. The payments increase by 5% each time in the annuity option, however most choose the cash option.There's a mandatory 24% federal withholding for winnings above $5,000 that goes straight to the IRS. Some states tax lottery winnings as well, but states like California, Florida and Texas do not, at least initially as income.
Lottery jackpots grow so large because the odds of winning are so small. For Mega Millions, the odds of winning the jackpot are about 1 in 302.6 million. Winnings will also be taxed by the federal government. There's a mandatory 24% federal withholding for winnings above $5,000 that goes straight to the IRS. Some states tax lottery winnings as well.Business
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