Mega Millions Jackpot Soars to $843 Million: Winner’s Potential Take-Home
The Mega Millions jackpot has surged to an impressive $843 million, marking it as the second-largest lottery prize of 2025. This increase follows the most recent drawing, where no ticket holders matched all six drawn numbers. The latest combination included 11, 14, 17, 50, 57, and the Mega Ball 6.
Mega Millions Payout Options
If a lucky winner is determined in the upcoming drawing, they will face a choice between two payout options. They can either receive the full amount spread out over 30 annual installments or take a lump sum payment.
- Installment Option: Receive $843 million over 30 years, equating to approximately $28.1 million per year.
- Lump Sum Option: The one-time cash payout would be $391.7 million before taxes.
Tax Implications for Winners
Opting for the lump sum significantly reduces the total after taxes. A mandatory federal withholding tax of 24% immediately lowers the payout to about $298 million. For winners with higher taxable income, a federal marginal rate of up to 37% could further slashing their final take-home amount to around $247 million.
Winners choosing the annual payments would experience a reduction as well. After the 37% marginal rate, each annual installment of $28.1 million would decrease to approximately $17.7 million.
State Taxes and Considerations
The state of residence can also impact the total winnings. For instance, some states like New York impose a substantial state tax of 10.9% on lottery winnings, while others, including Texas, Florida, and California, have no such taxes.
Current Odds of Winning
The odds of winning the Mega Millions jackpot stand at 1 in 290.4 million, an improvement from the previous odds of 1 in 302.5 million. This enhancement follows recent modifications aimed at increasing the chance of winning not only the jackpot but also smaller prizes.
Looking Ahead
The next Mega Millions drawing is set for Friday evening, giving hopeful players another opportunity at the staggering jackpot. Additionally, the Powerball jackpot, currently at $438 million, will see its next drawing on Wednesday night.
Recent Lottery Highlights
In a related event, earlier this year, two Powerball ticket purchasers from Missouri and Texas split a remarkable $1.78 billion prize. The latest Mega Millions jackpot has also surpassed a previous Powerball award of $526.5 million claimed by a California resident in March.
Notably, the highest Mega Millions payout recorded to date was $349 million, awarded to a winner from Illinois, also in March.
