Don’t start spending that $1.25 billion Mega Millions jackpot just yet. The lucky winner will have to face a big federal tax bill (and maybe a state tax bill, too). Whoever wins the jackpot should still take home a good chunk of change, but they can say goodbye to at least 24% of their winnings right away. And they will have to pay the IRS even more later.
When is the Mega Millions Drawing?
The Mega Millions drawing is held every Tuesday and Friday at 11 PM (ET). The next drawing is Friday, August 4.
Winning numbers will need to be verified after the drawing, so you might need to wait until Saturday morning to know if anyone wins the jackpot.
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Mega Millions Winning Numbers: Did Anyone Win the Mega Millions?
No one won the Mega Millions jackpot at last night's drawing, but one ticket won $4 million by matching five numbers and including the Megaplier.
- Seven other tickets matched five numbers to win the $1 million prize.
- 135 players won the $10,000 prize.
- 2,946 tickets matched four numbers for the $500 prize.
The winning numbers for the August 1 drawing were: 8, 24, 30, 45, 63, and the Mega Ball was 12.
You can view the winning numbers on Mega Million's website. If no tickets match all six numbers from Friday's drawing, the jackpot will continue to climb.
Mega Millions Jackpot for August 4, 2023
The estimated Mega Millions jackpot is $1.25 billion.
The jackpot has surpassed $1 billion. If someone's ticket matches all six numbers in the next Mega Millions drawing, they will win the fourth-highest jackpot in all of Mega Millions history.
But the payout is much less if you choose to take the lump sum (which most people do). The lump sum payout is $625.3 million. That payout drops further after paying your tax bill (more on that below).
Mega Millions Payout After Taxes
The 2023 federal tax brackets place the Mega Millions jackpot winnings at a 37% tax rate, whether the winner opts for the lump sum or not. That’s because the 37% rate applies to single taxpayers with incomes greater than $578,125 ($693,750 if married filing jointly). You can wait until tax time to pay a portion of that tax bill, but the IRS will take 24% right away.
While some states won’t tax your lottery winnings, many will. So, you could face a second tax bill, depending on where you live.
- For example, New York would tax the Mega Millions jackpot winner at 10.9%.
- Pennsylvania would only tax the winner 3.07%.
Can You Avoid Taxes on a Mega Millions Payout?
Having a winning ticket from a state that won't tax your lottery winnings (including for example, California and Florida) will allow you to avoid state taxes on your Mega Millions or Powerball payout, you can expect to pay your fair share of federal taxes.
You’ll want to work with a qualified tax professional and a financial advisor to help you keep as much of your Mega Millions winnings as possible. Who knows? With the right strategy, you could grow your winnings into even more money.
How Much is a Mega Millions Ticket?
If you still want to purchase a Mega Millions ticket after learning how high your tax bill will be, you may still have time to do so before tonight's drawing. (Each state has its own cut-off time for Mega Millions ticket purchases.) Tickets cost $2 per game, and you can purchase as many tickets as you want.
In most states, you can add the Megaplier feature for an additional $1 per play. The Megaplier is drawn before each Mega Millions drawing and can multiply non-jackpot prizes up to five times the prize amount.
How to Play Mega Millions
There are six numbers in a Mega Millions drawing. Players may choose these numbers or opt for a Mega Millions Quick Pick (numbers are auto-generated). You must match all six of these numbers to win the jackpot.
According to the official website, your odds of winning the Mega Millions jackpot is only 1 in 302,575,350. But even one matching number can result in a small payout.
How Many Numbers Do You Need on the Mega Millions?
Six matching numbers will land you the $910 million jackpot. But the odds of walking away with the jackpot are pretty slim. However, according to the lottery, the odds of winning anything at all are 1 in 24.
Here’s what you could win if your ticket matches some (but not all) of the numbers revealed during the Mega Millions drawing.
- $1,000,000 for five matching numbers, not including the Mega Ball number (odds of winning are 1 in 12,607,306)
- $10,000 for five matching numbers, including the Mega Ball number (odds of winning are 1 in 931,001)
- $500 for four matching numbers, not including the Mega Ball number (odds of winning are 1 in 38,792)
- $200 for four matching numbers, including the Mega Ball number (odds of winning are 1 in 14,547)
- $10 for three matching numbers, not including the Mega Ball number (odds of winning are 1 in 606)
- $10 for three matching numbers, including the Mega Ball number (odds of winning are 1 in 693)
- $4 for two matching numbers, including the Mega Ball number (odds of winning are 1 in 89)
- $2 for matching the Mega Ball only (odds of winning are 1 in 37)
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