Mega Millions Jackpot Has Reached $910 Million—Here’s How Much The Winner Would Get After Taxes

Mega Millions jackpot has reached $910 million—here’s how much the winner would get after taxes.

The Mega Millions jackpot increased to an estimated $910 million—the seventh largest in US history—after no tickets matched all six numbers chosen on Tuesday night, however, the winner will receive a much lesser sum after taxes.

If a winner is selected in the next draw, they will have the option of receiving a $910 million payoff over 30 yearly installments or a lump sum payment of $464.2 million, which is usually the more popular option.

The lump sum payout will be subject to a 24% federal tax withholding, leaving the winner with $352.8 million.

The winner might face a federal marginal rate as high as 37%, reducing their prize to $292.4 million, depending on their taxable income.

If the federal marginal rate of 37% is used, the annual payments of roughly $30.33 million might drop as low as $19.1 million.

The amount the winner receives will also be decided by their state’s regulations, as some states, such as New York, tax lottery winnings at 10.9%, while others do not, such as Texas, Florida, and California.

The next drawing is slated for Friday evening.

IMPRESSIVE FACT.

The winner of the Mega Millions jackpot will eventually have to overcome the astronomical odds of one in 302.6 million.

At 1-in-292.2 million, the odds of winning the Powerball jackpot are just marginally better.

Over the last decade, both Mega Millions and Powerball have modified their formulas to reduce a player’s chances of winning the jackpot while increasing its monetary value.

Mukesh Ambani, the billionaire, would invest $122 million and form a joint venture for India data centres.

Reliance Industries, owned by billionaire Mukesh Ambani, says it will invest up to 10 billion rupees ($122 million) in data centres in India and will collaborate with two foreign companies in the field.

Reliance said in a statement on Monday that the investment will be done through a joint venture called Digital Connexion.

Brookfield Infrastructure of Canada and Digital Realty Trust of the United States will be the venture partners.

The two foreign businesses, as well as Reliance’s telecommunications unit Jio Platforms Ltd, will each have a 33.3% interest in special purpose vehicles established up for data centres.