Someone Won The $1.28 Billion Mega Millions Jackpot—Here’s How Much They’ll Take Home After Taxes

A single winning ticket was sold in Illinois in the Mega Millions lottery drawing Friday to claim the $1.28 billion prize, the second-largest jackpot in the lottery’s history, Mega Millions said.

A single winning ticket was sold Friday for the $1.28 billion Mega Millions jackpot. (Photo … [+] Illustration by Scott Olson/Getty Images)

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Key Facts

If the winner opts for an immediate cash lump sum–the most popular option among lottery winners–they’ll take home $747.2 million before taxes, according to Mega Millions.

They also have the option to take the full $1.28 billion prize before taxes paid out over 29 years with 30 annual payments of $42.6 million, on average.

Federal lottery withholdings and additional taxes at a higher bracket would leave the winner with $470.7 million if they choose the cash prize, and $26.9 million a year if they take the annual payments.

The winner may owe additional state and city taxes.

Key Background
This Mega Millions round marks the third time the lottery’s jackpot has exceeded $1 billion. The lottery’s largest jackpot in history was $1.54 billion in 2018, and was awarded to an anonymous resident of South Carolina. The odds of winning the jackpot by matching all six numbers is approximately 1 in 302 million.

Further Reading
Here’s How Much The $1 Billion Mega Millions Winner Will Actually Take Home After Taxes (Forbes)

Mega Millions: Do This If You Win The $1 Billion Lottery Jackpot (Forbes)

Tonight’s Mega Millions Lottery Winner Will Be Richer Than These Celebrities (Forbes)

Read More

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