UPDATE: The Mega Millions jackpot has surged to an astonishing $965 million after no tickets matched the winning numbers drawn on Tuesday night: 10, 13, 40, 42, 46, and Mega Ball 1. This staggering amount marks the second-largest lottery prize of the year and is poised to cross the $1 billion mark if no winner emerges in the upcoming draw.
The next Mega Millions drawing is scheduled for Friday night, November 14, 2023. Players should be aware that the odds of winning the jackpot are still steep, standing at 1 in 290.4 million, although this is an improvement from the previous odds of 1 in 302.5 million.
Earlier this week, the jackpot was reported at $900 million, but after no winners were declared, it escalated by another $65 million. If the Friday drawing again yields no jackpot winner, it will likely become one of the largest in history.
While this colossal sum excites many, it still falls short of the all-time Mega Millions record of $1.602 billion, won on August 8, 2023, in Neptune Beach, Florida. The winning ticket was purchased at a Publix supermarket, and the winner opted for a cash payout of $794.2 million.
If a lucky player wins on Friday, they will face a choice between the full jackpot paid out in 30 annual payments or a one-time cash payout of $445.3 million. Most winners typically prefer the lump sum option, which, after the mandatory 24% federal tax withholding, would reduce their prize to about $338.4 million.
However, the tax implications could further impact their winnings. With a potential federal marginal tax rate of up to 37%, take-home amounts could dwindle to approximately $280.5 million. Alternatively, if the annual payment option is chosen, the annual payments would be around $32.16 million, but could shrink to approximately $20.26 million after federal taxes.
Additionally, state taxes could further affect the final amount. For instance, winners in New York face a significant 10.9% tax rate on lottery winnings, which could take a considerable chunk of the prize.
As the excitement builds for the next drawing, players across the nation are urged to get their tickets. With such life-changing sums on the line, the stakes have never been higher. Will you be the next multi-millionaire? Stay tuned for what promises to be a thrilling Friday night!
