Who won the Mega Millions jackpot? What is the odds of winning? How big is the jackpot and what is the tax on the prize?
Odds of winning
The odds of winning the Mega Millions jackpot are incredibly low. But that doesn’t mean that it’s impossible. A lucky winner would be happy even if they missed out on the prize.
One way to boost your odds of winning the lottery is to buy more tickets. If more people are playing, the odds are that more tickets are bought, and more winners will be awarded with a jackpot.
However, just because you buy more tickets does not mean you are guaranteed to win the jackpot. In fact, your odds of winning are much better if you choose a winning combination that happens to be less common.
There are actually nine different ways to pick the right combination. These include the aforementioned 50-50, and also the three-number and five-number combinations.
Biggest jackpot ever
Mega Millions jackpots have been among the largest prizes in the world. The last Mega Millions jackpot of $1.537 billion was won on October 23, 2018. However, there have been three jackpots over $1 billion in the past year.
Until recently, the Powerball jackpot was also a huge prize. It was the biggest ever until the Mega Millions jackpot surpassed it.
Mega Millions is played in 45 states and Washington, D.C., as well as the US Virgin Islands. Tickets can be purchased in any of the participating jurisdictions.
The Mega Millions jackpot has been broken in two ways. First, by a single ticket winning in South Carolina. Another way is by the Mega Millions prize being split three ways by winning tickets in Illinois.
Both of these methods have the same outcome. In either case, the jackpot will be paid out over 29 years, but the winner is free to choose between the cash option or the lump sum payment.
When it comes to the Mega Millions jackpot, the prize pool has no cap and can reach hundreds of millions of dollars. One of the perks of playing the game is that your ticket can be claimed in the state where it was purchased.
Currently, states like California, New York, Pennsylvania, Illinois and Ohio sell tickets. For $3 you can get two Quick Pick tickets.
The MegaMillions game is a five ball lottery with a single gold ball. The odds of winning are a hefty 1 in 302,575,350.
However, that doesn’t stop fans from buying a few tickets here and there. Aside from its massive jackpot, the MegaMillions also offers nine distinct prize tiers. This can help you narrow down your choices and boost your chances of winning big.
While there are many ways to play the game, the most convenient option is to buy a Mega Millions ticket in your state. This will provide you with all the benefits of the game, as well as a state issued tax receipt.
If you’re looking for a low-pressure, low-cost way to have a lot of fun, then the MegaMillions is the game for you.
Taxes on winnings
As a winner of the Mega Millions lottery, you are liable for substantial taxes on your winnings. The total amount of your tax liability is determined by your state of residence and the size of your prize.
If you live in a state with a graduated tax rate, your tax burden may be higher than you think.
In addition to the federal income tax on your winnings, you will also be liable for state taxes.
A recent Forbes article looked at how the taxation of the top prize in the Mega Millions lottery works. It found that a winner’s tax bill could reach $850 million. While the Forbes writer never stated that the winner would have to pay that much in taxes, some social media users have speculated that a lot of the money will be given to the government.