MEGA MILLIONS JACKPOT NEARS $1 BILLION—HERE’S WHAT THE WINNER COULD TAKE HOME AFTER TAXES
Topline
The Mega Millions jackpot rose to $965 million—the second biggest lottery prize of the year so far—after 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.
Key Facts
The six numbers drawn on Tuesday night were 10, 13, 40, 42, 46, and Mega Ball 1.
If a winner emerges in the next draw, they will have a choice between taking the $965 million prize spread over 30 annual installments or a lump sum cash payout of $445.3 million—the preferred option for most winners.
If the winner picks the cash prize, their winnings will first drop to around $338.4 million after a mandatory federal withholding of 24% is applied.
The winner would likely face a federal marginal rate as high as 37%, depending on their taxable income, further reducing the winnings to around $280.5 million.
If the installments route is chosen, the winner’s annual payments of around $32.16 million would fall to $20.26 million after the 37% federal marginal rate is applied.
Depending on their home state, 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’t.
What To Watch For?
The next Mega Millions drawing is scheduled to take place on Friday night. The Powerball jackpot, which has risen to $512 million, will have its next drawing on Wednesday night.
Big Number
1-in-290.4 million. Those are the astronomical odds a Mega Millions ticket buyer will need to overcome to win the jackpot. This is a slight improvement of the competition’s even poorer previous odds of 1 in 302.5 million. Earlier this year, Mega Millions implemented major changes that also enhanced the odds of winning both the jackpot and smaller prizes.
Further Reading
Powerball Jackpot Passes $500 Million—Here’s What Winner Could Take Home After Taxes (Forbes)
2025-11-12T05:52:43Z
