UPDATE: The Mega Millions jackpot has surged to an astounding $965 million after no tickets matched the winning numbers drawn on Tuesday night: 10, 13, 40, 42, 46, and Mega Ball 1. This marks the second-largest lottery prize of the year as anticipation builds for the next drawing on Friday, November 14, 2023.
As the stakes rise, the Powerball jackpot also remains notable, currently at $512 million, with its drawing scheduled for Wednesday night. The odds of winning the Mega Millions jackpot stand at an eye-popping 1 in 290.4 million, slightly improved from the previous odds of 1 in 302.5 million, thanks to recent changes aimed at enhancing players’ chances.
With no winner in the last draw, the jackpot has ballooned by $65 million, and experts suggest if Friday’s draw also results in no winners, the total could surpass the coveted $1 billion mark. However, this jackpot would still fall short of the all-time Mega Millions record of $1.602 billion, which was won on August 8, 2023, in Neptune Beach, Florida. That winning ticket was purchased at a Publix supermarket, netting the winner a cash payout of $794.2 million.
If someone is fortunate enough to win on Friday, they will have two options: accept the full $965 million jackpot as 30 annual payments or take a lump-sum cash payout of $445.3 million. Most winners typically prefer the cash option, but it comes with significant tax implications.
Opting for the lump sum would see the prize reduced to approximately $338.4 million after the mandatory 24% federal tax withholding. Depending on their total taxable income, winners could face a federal marginal tax rate of up to 37%, potentially bringing their final take-home amount down to around $280.5 million.
For those who choose the annual payment route, the yearly installments of about $32.16 million would also be affected, shrinking to around $20.26 million after applying the same federal tax rate. State taxes could further impact the winnings, with states like New York imposing a tax of 10.9% on lottery earnings.
Regardless of the option chosen, the next Mega Millions winner will undoubtedly become a multi-millionaire overnight, a life-changing event that awaits the lucky ticket holder.
Stay tuned for further updates as the drawing approaches and the excitement builds around this record-breaking jackpot!
