Mega Hundreds of thousands Might Break Its All-Time Jackpot Document—Right here’s How A lot The Winner Will Take Dwelling After Taxes
Topline
The Mega Hundreds of thousands jackpot is projected to achieve an estimated $1.55 billion for its subsequent drawing on Tuesday, the lottery’s largest prize ever—although the winner might obtain lower than one-third of that quantity after paying required taxes.
The Mega Hundreds of thousands jackpot is projected to achieve $1.55 billion for its Tuesday drawing.
Key Details
The winner—dealing with odds of 1 in 302.6 million—can obtain the $1.55 billion over 30 annual funds or as an up-front lump sum of $757.2 million.
The lump sum cost can be lowered to $575.4 million by a compulsory federal tax withholding of 24%, whereas a federal marginal price as excessive as 37%—relying on the winner’s taxable earnings—might drop the winnings to only over $477 million.
A number of states tax lottery winnings, with charges as little as 2.5% in Arizona ($18.9 million) to as excessive as 10.9% in New York ($82.5 million), although some states—together with California, Florida and Texas, amongst others—don’t tax lottery winnings.
Two tickets received $2 million in Friday evening’s drawing, along with seven different tickets that received $1 million.
Stunning Reality
The most important jackpot ever received is a $2.04 billion Powerball prize claimed final yr. The Mega Hundreds of thousands jackpot is projected to be the third-largest prize ever, trailing a $1.58 billion Powerball jackpot received in 2016.
Large Quantity
5,331,114. That’s what number of profitable tickets had been offered for Friday’s drawing. Of these, 24 received $20,000 and 104 received $10,000.
Key Background
The Mega Hundreds of thousands jackpot has eclipsed the $1 billion mark 4 different instances, every within the final 5 years. All 10 of the biggest jackpots ever have been claimed within the final seven years, after each the Powerball and Mega Hundreds of thousands lotteries elevated the variety of white ball numbers to attract from, worsening the percentages of profitable both jackpot. The Powerball jackpot most not too long ago eclipsed $1 billion final month, after a ticket holder received $1.08 billion in California.
Additional Studying
Right here Are The High 10 Lottery Jackpots Of All Time—As Mega Hundreds of thousands Reaches $910 Million (Forbes)
Mega Hundreds of thousands Jackpot Hits $1.25 Billion—Right here’s How A lot The Winner Will Take Dwelling After Taxes (Forbes)
