Mega Millions Jackpot Reaches $650 Million—Tuesday’s Drawing Awaits
The Mega Millions jackpot has soared to an impressive $650 million. This increase follows Friday’s drawing, where no tickets matched the drawn numbers. The excitement builds as the next drawing is set for Tuesday.
Details of the Mega Millions Jackpot
The six numbers drawn on Friday were 9, 21, 27, 48, and 56, with the “Mega Ball” being 10. This massive jackpot ranks among the top 10 in the history of Mega Millions.
Winning Options
If a winner emerges in Tuesday’s drawing, there are two options for claiming the prize:
- 30 annual payments of $21.7 million each
- A lump sum cash prize of $304.1 million
The cash option is typically favored by winners. However, an automatic 24% federal withholding applies to the winnings. Winners in the highest tax bracket may face a federal tax rate of 37%. This would reduce the annual payment to approximately $13.7 million, and the cash prize to about $191.6 million.
State Taxes and Take-Home Amounts
Additionally, most states impose taxes on lottery winnings, which further decrease the net payout. Notably, a few states, including Texas and California, do not tax lottery prizes.
Jackpot History and Current Trends
The Mega Millions jackpot has been accumulating for three-and-a-half months. Tuesday’s drawing will mark the 33rd draw for this specific jackpot. This year, a top prize of $1.3 billion was claimed by a California resident in December.
The current record for the largest prize, $1.6 billion, was won in August 2023 by a ticket purchased in Florida. For context, the odds of winning the Mega Millions jackpot stand at 1 in 290,472,336.
Upcoming Lottery Drawings
In addition to the Mega Millions, the Powerball lottery is also generating excitement. The next drawing for Powerball is scheduled for Saturday, featuring an estimated jackpot of $295 million with a cash value of $140.3 million.
This surge in lottery excitement continues to capture the attention of millions as players await the next big draw.
