Mega Millions Jackpot Nears $1 Billion How much you get after TAXES
Antonio Pequeño IV
Topline The Mega Millions jackpot is now up to $800 million after lottery players around the U.S. failed to produce a winning ticket, which will bring the winner hundreds of millions of dollars—though less than half the winning total—after taxes come into play.
Mega Millions Jackpot Becomes Largest Prize In U.S. History at $1.6 Billion
The jackpot reached $800 million after Friday night's drawing did not produce a winning ticket. ... [+]Getty Images
Key Facts
A player matching all six numbers during next Tuesday’s drawing will have the option of receiving $800 million in prize money provided through 30 annual payouts, or a $401.8 million cash option.
A winner who chooses the $26.6 million in annual payouts will receive $16.8 million per year after the 24% and 37% federal taxes are applied.
The $401.8 million lump sum amount will be cut down to $305.4 million after a 24% federal tax is factored in.
The winner’s taxable income will further shave down their winnings and could reach as high as 37% in additional federal taxes, dropping the lump sum to $253.2 million.
State taxes could also apply depending on the winner’s place of residence, with states like New York charging a 10.9% tax, while states such as California, Florida and Texas leave winners’ earnings untouched.
Get Forbes Breaking News Text Alerts: We’re launching text message alerts so you'll always know the biggest stories shaping the day’s headlines. Text “Alerts” to (201) 335-0739 or sign up here.
Surprising Fact
There have only been six jackpots higher than the $800 million grand prize, all of which were over $1 billion, according to Mega Millions.
Jackpot Continues Its Climb, Now at $800 Million
RELEASE DATE: 9/7/2024
The rising Mega Millions® jackpot is captivating enthusiastic lottery players around the country! After no ticket matched all six numbers drawn Friday night – the white balls 6, 23, 41, 59 and 63, plus the gold Mega Ball 25 – the estimated jackpot for next Tuesday, September 10, is a whopping $800 million ($401.8 million cash). Only the game’s six jackpots over $1 billion have been higher.
The total number of winning tickets across all non-jackpot prize tiers has been growing along with the jackpot, which was last won at $552 million in Illinois on June 4. In the 27 drawings since then, there have been more than 20.7 million winning tickets sold. These include 57 second-tier prizes of $1 million or more, won in 25 different jurisdictions from coast to coast: Arizona, California, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Kansas, Maryland, Massachusetts, Michigan, Missouri, New Hampshire, New Jersey, New York, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington and Wisconsin.
Six of those 57 second-tier winning tickets were sold for the September 6 drawing alone! One, in Ohio, is worth $2 million because it included the optional Megaplier (available in most states with an extra $1 purchase), which was 2X Friday night. The other five win the standard $1 million prize, and were sold in California, Florida, Illinois, New Hampshire and Texas.
Also in Friday night’s drawing, 49 tickets across the country matched four white balls plus the Mega Ball to win the third-tier prize. Ten of those are worth $20,000 each because they also included the optional Megaplier; the other 39 take home the standard $10,000 each.
In total, there were 1,699,484 winning tickets across all prize tiers in the September 6 drawing.
Note: Prize amounts in California will vary, as they are calculated on a pari-mutuel basis.
Only two Mega Millions jackpots have been won so far this year. Before the Illinois win on June 4, $1.128 billion was won in New Jersey; that enormous prize is still unclaimed (winners in New Jersey have one year from the drawing date to claim).
Mega Millions is the only lottery game that has produced six jackpots exceeding $1 billion. All were won in different states – South Carolina was the first in 2018, followed by Michigan in 2021, Illinois in 2022, Maine in early 2023, Florida last August and New Jersey in March. The Florida prize on August 8, 2023, is the game’s current record jackpot at $1.602 billion.
Tickets are sold in 45 states, Washington, D.C., and the U.S. Virgin Islands. Tickets are $2 each; in most jurisdictions, players can add the Megaplier for an additional $1 to multiply their non-jackpot prizes. Half of the proceeds from the sale of each Mega Millions ticket remains in the state where the ticket was sold, where the money supports designated good causes and retailer commissions.
Drawings are conducted at 11 p.m. Eastern Time on Tuesdays and Fridays in Atlanta, Georgia. The overall odds of winning any Mega Millions prize are 1 in 24; the odds of winning the jackpot are 1 in 302,575,350.
The top Mega Millions jackpots:
Amount Date Winning Tickets
$1.602 billion 8/8/2023 1-FL
$1.537 billion 10/23/2018 1-SC
$1.348 billion 1/13/2023 1-ME
$1.337 billion 7/29/2022 1-IL
$1.128 billion 3/26/2024 1-NJ
$1.050 billion 1/22/2021 1-MI
$800 million (est) 9/10/2024 ?
$656 million 3/30/2012 3-IL, KS, MD
$648 million 12/17/2013 2-CA, GA
$552 million 6/4/2024 1-IL
Key Background
The Mega Millions jackpot was last won in June, when a winner in Illinois secured the $552 million grand prize. Since then, 57 second-tier prizes totaling $1 million or more were won across 25 different states, Mega Millions reported, noting there were nearly 1.7 million winning tickets in the Sept. 6 drawing (winning tickets can supply anywhere from $2 to $1 million). The largest jackpot winning ticket this year was $1.1 billion, with the unclaimed winning ticket purchased in New Jersey.
Welcome to Billionaire Club Co LLC, your gateway to a brand-new social media experience! Sign up today and dive into over 10,000 fresh daily articles and videos curated just for your enjoyment. Enjoy the ad free experience, unlimited content interactions, and get that coveted blue check verification—all for just $1 a month!
Account Frozen
Your account is frozen. You can still view content but cannot interact with it.
Please go to your settings to update your account status.
Open Profile Settings