The Mega Millions jackpot climbed to $687 million—the second to none biggest prize of the year so far—after no tickets matched all six numbers drawn on 5th march 2024 Tuesday night, although the eventual winner will take home and a much smaller amount after paying their taxes.
a winner emerges in the next draw, they can choose between a $687 million payout spread over 30 annual installments in 29 years or a lump sum cash payment of $332.3 million—usually the preferred choice.
The lump sum amount drops to $252.54 million after a mandatory federal tax withholding of 24%.
Depending on their taxable income, the winner could then face a federal marginal rate as high as 37%, dropping their winnings to $209.35 million.
If the lottery winner chooses the installment option, their annual payments of around $22.9 million would drop to $14.42 million, if the 37% federal marginal rate is applied.
Aside from federal taxes, the winner may face additional levies from their state of residence, as some states like New York tax lottery winnings at 10.9%, while others like Texas, Florida, and California don’t.
BIG NUMBER
1-in-302.6 million. Those are the abysmal or the poor odds that a Mega Millions ticket buyer will have to overcome to win the jackpot. The Powerball jackpot has slightly less terrible odds of 1-in-292.2 million
WHAT TO WATCH FOR THE NEXT DRAWING OF THE MEGA JACPOT
The next drawing for the Mega Millions jackpot is scheduled for Friday night. Powerball will hold a drawing for a $463 million jackpot on Wednesday 6th march 2024 night.
KEY BACKGROUND
The second to none biggest lottery prize of the year so far has been the $842.4 million Powerball jackpot won by a single ticket holder from Michigan on New Year’s Day 1st of January 2024. The New Year’s Day win was also the fifth-largest and biggest jackpot in Powerball history.
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