finance
Mega Millions Jackpot Hits $542 Million After No Winner Tuesday
No tickets matched all six numbers in the Tuesday drawing, pushing the prize to the largest of the year so far. The next drawing is set for Friday night.
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The Mega Millions jackpot reached $542 million after no tickets matched all six numbers in Tuesday night's drawing, Forbes reported. The next drawing is scheduled for Friday night. A winner may choose either 30 annual installments totaling $542 million or a lump-sum cash payout of $242 million.
The cash option would drop to approximately $183.9 million after the mandatory 24% federal withholding and further to about $152.5 million after applying a 37% federal marginal tax rate. Annual installment payments of approximately $18.1 million would fall to about $11.
Additional state taxes could apply, with New York imposing 10.9% on lottery winnings while Texas, Florida, and California impose none.
The odds of winning the Mega Millions jackpot stand at 1 in 290.4 million.2 million. In March, a Mega Millions ticket sold in Illinois won a $533 million jackpot.
The largest Powerball jackpot claimed so far this year is $250.8 million, won by a player in Arkansas.
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