Topline
The Mega Millions jackpot rose to $579 million—the fifth biggest jackpot prize of the year so far—after no tickets matched all six numbers drawn on Tuesday night, although the winner will take home a much smaller payout after paying their taxes.
The Mega Millions jackpot hit $579 million after Tuesday night’s draw.
Key Facts
If a winner emerges in the next draw, they can choose between receiving the $579 million jackpot spread over 30 annual payments or a lump sum cash prize of $276.6 million—often the popular choice.
If chosen, the lump sum payout will drop to $210.2 million after a mandatory federal tax withholding of 24% is applied.
The winner could then face a federal marginal rate as high as 37%, depending on their taxable income, further slashing their winnings to $174.26 million.
If the winner chooses the installment route, their annual payments of around $19.3 million would drop to $12.16 million, if the 37% federal marginal rate is applied.
The winner may also face additional taxes from their state of residence, as some states like New York tax lottery winnings at 10.9%, while others like Texas, Florida, and California don’t.
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What To Watch For
The next drawing for the Mega Millions jackpot is scheduled for Friday night.
Big Number
1-in-302.6 million. Those are the extremely poor odds a ticket buyer has to overcome to win the Mega Millions jackpot. This is even worse than the Powerball jackpot’s already astronomical odds of 1-in-292.2 million.
