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Up to date Mar 2, 2024, 09:54am EST
Topline
The Mega Thousands and thousands jackpot has grown to an estimated $650 million after no successful tickets had been drawn Friday evening, making it the seventh-largest prize in its historical past, although a fortunate winner—going through one-in-302-million odds—would take dwelling simply over one-third that quantity after paying required taxes.
Key Details
A ticket holder matching all 5 white balls and one “megaball” for the grand prize can select between a payout over 30 annual installments or a one-time lump sum of $308.6 million.
If the winner chooses the extra standard lump sum choice, the winnings could be decreased to $234.5 million after a compulsory 24% federal tax withholding, whereas a federal marginal price as excessive as 37%—relying on the winner’s taxable earnings and different tax deductions—would cut back the winnings to only over $194.4 million.
Annual installments would pay out a median of $13.6 million per 12 months with a 37% federal marginal price.
Some states tax lottery winnings, with charges as little as 2.5% in Arizona ($7.7 million) to as excessive as 10.9% in New York ($33.6 million), although different states like California or Texas don’t tax winnings.
Shocking Reality
The jackpot is the seventh-largest in Mega Thousands and thousands historical past, narrowly trailing a $656 million prize received in 2012 for sixth-largest. The 5 different largest Mega Thousands and thousands jackpots eclipsed $1 billion, together with a $1.6 billion jackpot—the third-largest lottery prize ever within the U.S.—received final 12 months.
Huge Quantity
16.2 million. That’s what number of non-jackpot-winning tickets have been offered because the Mega Thousands and thousands jackpot was final received in December. Of those, 26 received $1 million or extra.
What To Watch For
Mega Thousands and thousands will maintain its subsequent drawing at 11 p.m. EST on Tuesday. Powerball will maintain its subsequent drawing Saturday evening for a $443 million jackpot. That prize features a $212.3 million lump sum choice, which is decreased to $161.3 million after a 24% federal tax withholding or to $112.4 million with a federal marginal price as excessive as 37%.
Key Background
The entire high 10 largest lottery jackpots have been received during the last eight years, together with 5 during the last three years. The Mega Thousands and thousands and Powerball lotteries applied rule adjustments in 2017, which elevated the pool of white balls to select from. Due to this, bigger jackpots might accumulate for longer intervals as the chances of successful had been decreased.
Additional Studying
Here’s Why There Have Been So Many Massive Jackpots Recently (Forbes)
