Mega Millions Jackpot Reaches $604 Million—Here’s What Winners Could Take Home The Mega Millions jackpot has surpassed $600 million, marking the largest prize of the year so far. After no tickets matched all six numbers drawn on Tuesday night, the prize climbed to $604 million. However, the eventual winner will face significant deductions before claiming their share. The six numbers drawn were 2, 31, 35, 36, 63, and the Mega Ball 12. Winners have two primary options for receiving their prize: a 30-year annuity payment of $604 million or a lump-sum payout of $266.3 million. Most winners opt for the lump-sum, but this amount is immediately subject to federal taxes. A mandatory 24% federal withholding reduces the initial payout to approximately $202.4 million. Depending on the winner’s overall taxable income, they may face a federal marginal tax rate as high as 37%, further reducing their take-home amount to around $167.8 million. If the annuity option is chosen, the winner would receive annual payments of about $20.1 million. However, after applying the 37% federal marginal tax rate, these payments would drop to $12.7 million annually. Additional state taxes could further impact the final amount. For example, states like New York tax lottery winnings at 10.9%, while others such as Texas, Florida, and California do not impose state taxes on such prizes. The odds of winning the Mega Millions jackpot remain extremely low, at 1 in 290.4 million. This is slightly better than the Powerball’s odds of 1 in 292.2 million. The next Mega Millions draw is scheduled for Friday night, with the Powerball jackpot having reached $434 million and its next draw set for Wednesday night. Notably, Illinois claimed the largest Mega Millions prize of the year in March when a ticket holder won $533 million.#illinois #arkansas #powerball #mega_millions #mega_millions_jackpot
