Topline<\/p>\n
The Mega Millions jackpot soared to $743 million\u2014the biggest lottery prize of the year so far\u2014after no tickets matched all six numbers drawn on Tuesday night, although the eventual winner will take home a much smaller payout after taxes and deductions.<\/p>\n
The Mega Millions jackpot hit $743 million after Tuesday’s drawing.<\/p>\n
Anadolu Agency via Getty ImagesKey Facts<\/p>\n
The six numbers<\/a> drawn on Tuesday night were 25, 37, 59, 68, 70 and gold Mega Ball 10.<\/p>\n If a winner emerges in the next draw, they will have a choice between taking the $743 million split over 30 annual installments or a lump sum payment of $323.4 million\u2014the preferred option for most winners.<\/p>\n If the cash payout is chosen, the winnings will first drop to around $245.8 million after a mandatory 24% federal withholding is applied.<\/p>\n The winner is likely to face a federal marginal rate as high as 37%, depending on their overall taxable income, further slashing their winnings to around $203.7 million.<\/p>\n If the installment route is chosen, the winner\u2019s annual payouts of around $24.8 million would drop to $15.6 million after the 37% federal marginal tax rate is applied.<\/p>\n Depending on their state of residence, the winner could face additional taxes, as some states, such as New York, tax lottery winnings at 10.9%, while others, such as Texas, Florida, and California, don\u2019t.<\/p>\n Surprising Fact<\/p>\n A Mega Millions ticket buyer will have to overcome astronomical odds of 1-in-290.4 million to win the lottery. This is only slightly better than the Powerball jackpot\u2019s even poorer odds of 1-in-292.2 million.<\/p>\n What To Watch For?<\/p>\n The next Mega Millions jackpot draw will take place on Friday night. The Powerball jackpot, which has risen to $567 million<\/a>, will have its next drawing on Wednesday night.<\/p>\n Key Background<\/p>\n This is on track to be the biggest lottery prize of the year so far. Of the prizes that have been claimed so far, the biggest of the year is a $533 million jackpot won by a Mega Millions ticket buyer from Illinois in March. The ongoing Powerball jackpot prize has soared to $567 million, but the biggest completed Powerball jackpot of the year so far is a $250.8 million prize won by a lottery player from Arkansas.<\/p>\n further reading<\/p>\n