The Mega Millions jackpot has climbed to an estimated $740 million for the upcoming drawing on Friday, September 6, 2024
This massive prize follows no winners from the previous drawing on Tuesday, September 3, where the winning numbers were 12, 41, 43, 52, 55, and the Mega Ball was 9 with a 4X Megaplier
Winners have the option to take a lump-sum cash payout estimated at $366.3 million. However, there are significant tax implications to consider:
Federal Taxes: There is a mandatory 24% federal withholding on lottery winnings over $5,000, which would amount to approximately $87.9 million for a cash payout of $366.3 million.
State Taxes: Depending on the state where the ticket is purchased, additional state taxes may apply. These rates vary significantly by state.
After accounting for federal taxes, a winner opting for the cash payout could take home around $278.4 million, assuming no additional state taxes are levied
If state taxes are applied, the amount would be lower depending on the state's tax rate
This jackpot, if won, would be the seventh-largest in Mega Millions history, showcasing the game's growing popularity and the allure of life-changing prizes.