TAMPA, Fla. (NEXSTAR) — The present Mega Thousands and thousands jackpot is rolling on after no ticket was in a position to match the winning numbers drawn on Christmas Eve.
It now sits at an estimated $1.15 billion, with a money choice of $516.1 million, making it the fifth-largest Mega Thousands and thousands jackpot on file. A $1.128 billion prize received in New Jersey earlier this yr beforehand held that spot.
With its newest progress, the jackpot has turn out to be the ninth-largest throughout Mega Thousands and thousands and Powerball.
- $2.04 billion (Powerball): Nov. 7, 2022; California
- $1.76 billion (Powerball): Oct. 11, 2023; California
- $1.602 billion (Mega Thousands and thousands): Aug. 8, 2023; Florida
- $1.586 billion (Powerball): Jan. 13, 2016; California, Florida, Tennessee
- $1.537 billion (Mega Thousands and thousands): Oct. 23, 2018; South Carolina
- $1.348 billion (Mega Thousands and thousands): Jan. 13, 2023; Maine
- $1.337 billion (Mega Thousands and thousands): July 29, 2022; Illinois
- $1.326 billion (Powerball): April 6, 2024; Oregon
- Est. $1.15 billion (Present Mega Thousands and thousands jackpot)
- $1.128 billion (Mega Thousands and thousands): March 26, 2024; New Jersey
Whereas gamers in each state are vying for a similar record-setting prize, not each state would provide the identical payout.
Mega Thousands and thousands jackpots, in addition to any giant lottery prize, are topic to taxes. Your native lottery has to withhold 24% in federal taxes along with the state lottery tax. (You will face further taxes come tax time, when your winnings will rely as revenue and be topic to revenue tax brackets, based on TaxAct.)
There are a handful of states that do not need a local lottery tax: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. In these states, primarily based on USA Mega’s analysis, the money payout could be about $325.2 million whereas the annuitized funds would complete about $725.8 million.
North Dakota presently has the bottom automated state lottery tax (technically, it is revenue tax) at 2.9%. When you received the Mega Thousands and thousands jackpot in North Dakota and opted for the money payout, you’ll pocket about $377.3 million (or, beneath the best federal tax charge, $310.2 million, primarily based on USA Mega’s analysis). The annuitized cost complete, after you’ve got collected all 30 annual funds, could be about $692.4 million.
Different states providing giant payouts would come with Indiana and Pennsylvania, which have comparable lottery tax charges of almost 3%. In each states, the money prize could be round $309 million whereas the annuitized payout would complete roughly $690 million.
Throughout the nation in New York, which withholds essentially the most from lottery prizes, the money prize could be about $268.9 million whereas the annuitized would complete about $600.4 million. In Oregon, the place there’s an 8% tax on giant lottery prizes, the money payout could be round $274 million whereas the annuitized would complete roughly $611.9 million.
These payouts can fluctuate primarily based in your tax scenario, the place you purchase the ticket, if the jackpot grows any additional earlier than the following drawing at 11 p.m. ET on Friday, or if there are a number of winners. Ought to the latter occur, the pot might be divided equally among the many winners.
Do you have to be fortunate sufficient to beat the percentages — 1 in 302,575,350 — and win the Mega Thousands and thousands jackpot, specialists advocate constructing a workforce that can assist you with the inflow of money. That features an legal professional, a tax advisor, and a monetary advisor.
Mega Thousands and thousands tickets are $2 every and offered in 45 states, the District of Columbia, and the U.S. Virgin Islands. Along with Fridays, drawings are held on Tuesdays at 11 p.m. ET. Gamers have a 1 in 24 likelihood of profitable any Mega Thousands and thousands prize.
