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.Crime and Courts
Powerball Jackpot Lottery Cash Option Annuity Option Winnings Taxes Math Professor
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mega Millions jackpot soars to $875 million; Powerball reaches $600 millionIf you're feeling some St. Patrick's Day magic, you might want to buy a lottery ticket. Mega Millions and Powerball have racked up some massive jackpots after weeks of rollovers.
Read more »
Mega Millions and Powerball Jackpots Continue to GrowBoth Mega Millions and Powerball jackpots have reached significant amounts after multiple rollovers. The Mega Millions jackpot is currently estimated at $875 million, while the Powerball jackpot stands at $600 million. The last Mega Millions jackpot was won on December 8, 2023, in California, and this is only the sixth time in the game's history that the jackpot has reached such a high amount. The odds of winning the grand prize in Mega Millions are 1 in 302,575,350. Powerball tickets are also available for $2.
Read more »
Powerball player John Cheeks denied $340M lottery jackpot over website 'mistake'Powerball player John Cheeks denied $340M lottery jackpot over website ‘mistake’
Read more »
Powerball jackpot rises to $559M after no tickets matched winning numbersThe Powerball jackpot continued to grow to an estimated $559 million after no tickets matched the winning numbers during Monday night's drawing.
Read more »
Winning numbers drawn for Powerball's $532 million jackpotFeeling lucky? The winning numbers for Powerball's highly-anticipated $532 million jackpot were drawn on March 11.
Read more »
Powerball continues to grow, jackpot now at an estimated $532MThe Powerball jackpot grew to an estimated $532 million for the next drawing after no tickets matched the winning numbers during Saturday night's drawing.
Read more »