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This is how much a Mega Millions winning ticket could bring in if the jackpot reaches $800 million

This is how much a Mega Millions winning ticket could bring in if the jackpot reaches 0 million

Top line

The Mega Millions jackpot is now at $800 million after lottery players across the U.S. failed to produce a winning ticket. The winner will receive hundreds of millions of dollars after taxes – although less than half of the prize amount.

Key data

A player who matches all six numbers in next Tuesday’s drawing has the opportunity to win a prize of $800 million, paid out in 30 annual payouts, or a cash option of $401.8 million.

A winner who chooses the $26.6 million annual payout will receive $16.8 million per year after federal taxes of 24% or 37%.

The lump sum of $401.8 million is reduced to $305.4 million after taking into account a 24% federal tax.

The winner’s taxable income further reduces his winnings and can add up to 37% in additional federal taxes, bringing the total down to $253.2 million.

Depending on where the winner lives, state taxes may also apply: states like New York impose a 10.9% tax, while states like California, Florida and Texas leave winners’ earnings untouched.

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Surprising fact

According to Mega Millions, there have only been six jackpots higher than the $800 million top prize, and all of them were over $1 billion.

Important background

The Mega Millions jackpot was last won in June, when an Illinois winner claimed the top prize of $552 million. Since then, 57 secondary prizes totaling $1 million or more have been won in 25 different states, Mega Millions reported, noting that there were nearly 1.7 million winning tickets in the Sept. 6 drawing (winning tickets can be worth anywhere from $2 million to $1 million). The largest jackpot this year was $1.1 billion, with the unclaimed winning ticket purchased in New Jersey.

More information

Mega Millions jackpot rises to $681 million – that’s how much a winner could take home after taxes (Forbes)

Powerball ticket worth $1.3 billion sold – fourth-largest ever – here’s how much the winner could take home (Forbes)

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