The Mega Millions jackpot has reached an all-time high of $785 million, making it one of the largest jackpots in US history. Millions of people across the country are dreaming of what they would do with all that money, and excitement is at a fever pitch as the next drawing approaches.
But what are the chances of actually winning the Mega Millions jackpot? And what should you do if you do end up holding that winning ticket? Here’s what you need to know.
The Odds of Winning the Mega Millions Jackpot
To put it simply, your chances of winning the Mega Millions jackpot are extremely small. The odds of matching all six numbers and taking home the grand prize are 1 in 302,575,350. That means you’re about 300 million times more likely to be struck by lightning or attacked by a shark than you are to win the Mega Millions jackpot.
Of course, there are also smaller prizes available for matching fewer numbers, but the chances of winning those are also relatively slim. For example, the odds of matching five numbers and winning the second prize are 1 in 12,607,306.
The Tax Implications of Winning the Mega Millions Jackpot
If you do manage to beat the odds and win the Mega Millions jackpot, you’ll have to pay taxes on your windfall. In the US, lottery winnings are considered taxable income, and you’ll have to pay federal and state taxes on your winnings.
The exact amount you’ll owe will depend on your tax bracket and the laws of the state in which you live. For example, if you’re in the top tax bracket and you win the Mega Millions jackpot, you could end up owing as much as 37% in federal taxes alone. Some states also have additional taxes on lottery winnings, which could further reduce your take-home amount.
What to Do If You Win the Mega Millions Jackpot
If you do hold the winning ticket, you’ll have a few options for claiming your prize. You can choose to receive the full amount of your winnings in one lump sum or opt for an annuity payment, which would give you smaller amounts over a period of years.
If you choose the lump sum option, you’ll receive a smaller amount of money up front, but you’ll have the opportunity to invest the money and potentially earn more over time. If you choose the annuity option, you’ll receive a larger amount of money over time, but you’ll miss out on the opportunity to invest the money and potentially earn more.
Regardless of which option you choose, it’s a good idea to speak with a financial advisor before making any decisions. A financial advisor can help you understand the pros and cons of each option and help you make the best choice for your specific situation.
While winning the Mega Millions jackpot would be a dream come true for many people, the chances of actually winning are extremely small. Still, it’s fun to imagine what you would do with all that money, and who knows – you might get lucky. Remember to play responsibly and seek financial advice if you do hold that winning ticket.
The first Huge Millions drawing of the brand-new year will certainly be huge after no one won an approximate $685 million reward.
No ticket acquired for the lotto game matched all 6 numbers drawn Friday evening, Mega Millions stated in a statement early Saturday. The top prize increased to $785 million ahead of the next illustration Tuesday evening.
The numbers chosen Friday were: 1, 3, 6, 44, 51 and gold Mega Sphere 7.
The pot has actually expanded so large thanks to long odds of one in 302.6 million that have caused 22 straight drawings without a large champion.
The approximated $785 million reward is for a champion that selects to be paid with an annuity, with yearly checks over 29 years. Nearly all winners choose cash, which for the next illustration would be an estimated $395 million.
The reward is the largest because a $2.04 billion Powerball reward was won on Nov. 8 in The golden state. A victor hasn’t been introduced for that record-setting payment.
“On only 3 previous occasions has the Huge Millions pot exceeded $700 million, and all three times those rolls advanced previous $1 billion,” Huge Millions said.
Huge Millions is played in 45 states in addition to Washington, D.C., as well as the U.S. Virgin Islands.