Lottery jackpots grow so large because the odds of winning are so small. For Mega Millions, players have a 1 in 302.6 million chance of taking home the top prizejackpot is up for grabs Tuesday night, giving a lucky player the chance to score the 8th largest lottery prize in U.S. history.
After more than three months without a big winner, the prize has soared to $1.13 billion. The winner could opt for a $537.5 million cash option, which would be a one-time payment in lieu of receiving the full amount over 30 years.Despite the big money pot, the prize is still subject to taxes, which include an automatic withholding tax of 24% levied against the winnings, and another 13% in federal taxes when you file your 2024 return.
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