The Mega Millions jackpot has climbed to $604 million, making it the largest lottery prize of the year so far.
The prize increased after no ticket matched all six numbers in Tuesday night’s drawing.
Winning Numbers From Tuesday’s Drawing
The numbers drawn Tuesday night were:
2, 31, 35, 36, 63
The Mega Ball was:
12
Because no ticket matched all six numbers, the jackpot will roll over to the next drawing.
Cash Option Would Be Much Smaller After Taxes
If someone wins the next Mega Millions drawing, they can choose between receiving the full $604 million jackpot through 30 annual payments or taking a one-time cash payout of $266.3 million.
Most lottery winners usually choose the lump-sum option.
However, the cash prize would shrink immediately after taxes.
After the mandatory 24% federal withholding, the lump-sum payout would fall to about $202.4 million.
Federal Tax Rate Could Reduce Prize Further
The winner could also face a federal marginal tax rate as high as 37%, depending on their total taxable income.
If that full rate applies, the estimated take-home cash amount could fall to roughly $167.8 million.
That means the advertised jackpot is much larger than what the winner would likely keep after federal taxes.
Annual Payment Option
If the winner chooses the installment option, the $604 million prize would be paid across 30 annual installments.
That would equal about $20.1 million per year before taxes.
After applying the 37% federal marginal tax rate, each yearly payment could fall to about $12.7 million.
State Taxes May Also Apply
The final amount a winner keeps also depends on where they live.
Some states tax lottery winnings heavily.
For example, New York taxes lottery prizes at 10.9%.
Other states, including Texas, Florida and California, do not tax lottery winnings at the state level.
Odds of Winning the Mega Millions Jackpot
The odds of winning the Mega Millions jackpot are extremely low.
A ticket buyer has a 1-in-290.4 million chance of matching all six numbers.
Those odds are slightly better than the Powerball jackpot odds, which stand at 1-in-292.2 million.
Next Lottery Drawings
The next Mega Millions drawing is scheduled for Friday night.
Meanwhile, the Powerball jackpot has grown to $434 million, with its next drawing set for Wednesday night.
Biggest Lottery Prizes of the Year
The largest Mega Millions prize claimed so far this year was a $533 million jackpot won by a ticket buyer in Illinois in March.
The biggest Powerball prize of the year so far is $250.8 million, which was claimed by a lottery player in Arkansas.
The Mega Millions jackpot has reached $604 million after no winner matched Tuesday night’s numbers. While the prize is the biggest lottery jackpot of the year so far, the actual payout would be much lower after federal withholding, possible federal income taxes and state taxes. The next Mega Millions drawing will take place Friday night.