Mega Millions Jackpot Rises To $672 Million—Here’s What The Winner Could Take Home

Topline

The Mega Millions jackpot climbed to $672 million—the biggest lottery prize of the year so far—after no tickets matched all six numbers drawn on Tuesday night, although the eventual winner will take home a much smaller payout after taxes and deductions.

The six numbers drawn on Tuesday night were 2, 4, 10, 48, 56 and gold Mega Ball 22.

If a winner emerges in the next draw, they will have a choice between taking the $672 million split over 30 annual installments or a one time cash prize of $293.3 million—the preferred option for most winners.

If the cash payout is chosen, the winnings will first drop to around $222.9 million after a mandatory 24% federal withholding is applied.

The winner is likely to face a federal marginal rate as high as 37%, depending on their overall taxable income, further slashing their winnings to around $184.8 million.

If the installment route is chosen, the winner’s annual payouts of around $22.4 million would drop to $14.1 million after the 37% federal marginal tax rate is applied.

Depending on their place of residence, the winner could face additional taxes, as some states, such as New York, tax lottery winnings at 10.9%, while others, such as Texas, Florida, and California, don’t.