TOPLINE The second-largest lottery prize ever won by a single person in American history. The $1.58 billion Mega Millions jackpot was win on Wednesday by a ticket purchase in Florida. But the winner’s actual take-home pay will be much less after taxes and other deductions.
In Belmont, San Mateo County, California, along Highway 101, a Mega Millions Jackpot hits $1.5 Billion Lottery sign can be seen.[+]Agency Anadol DESCRIBED BY GETTY IMAGES KEY FACTS
According to Mega Millions, the winning ticket purchased in Florida was the only one in the whole nation to match all six of the Tuesday night’s numbers.The Winning ticket for $1.58 billion jackpottic holder has the option of collecting the $1.58 billion world record payout in 30 annual installments or the $783.3 million lump sum payment, which is frequently the more popular option.
The necessary federal tax withholding of 24% will be deduct from the lump sum payout first, leaving the winner with $595.3 million.
The rewards could be reduce to about $493.5 million by a federal marginal rate of up to 37%, depending on the winner’s taxable income.
After applying the 37% federal marginal tax. The winner’s annual payments of roughly $52.6 million will be reduce to roughly $33.1 million if they choose the installment option.
One of the 14 states in the union without a lottery winnings tax is Florida.
The previous record for the largest Mega Millions jackpot was $1.537 billion. Which was surpass by this one to set a new record. This prize ranks third among all U.S. jackpot. Trailing only the $1.586 billion jackpot shared by three ticket holders from California, Florida, and Tennessee in 2016. The $2.04 billion Powerball jackpot won by a single ticket buyer in California last year.
1 in 302.6 million is a BIG NUMBER. These were the incredible odds that Tuesday’s jackpot winner overcame. The odds of winning the Powerball jackpot are 1-in-292.2 million, which are little better but still pitiful. The odds of winning have decreased while the jackpot sum has increased during the previous ten years,. Because to changes made to the Winning ticket for $1.58 billion jackpot formulas of Mega Millions and Powerball.
The highest Mega Millions jackpot ever was the estimated $1.58 billion prize that was won Tuesday night.
13, 19, 20, 32, and 33 were the winning numbers, and 14 was the Megaplier. According to Mega Millions, the winning ticket was purchase in Florida.
The prize winner has two payout options: an annuity with payments spread over 30 years.
A lump-sum cash option of $783.3 million, which is what most jackpot winners select. In order to make the best decisions with their winnings, experts encourage winners to consult with financial advisors and attorneys.
Due to the IRS’s classification of lottery wins as regular income, lottery winners place. Themselves in the country’s highest income-tax bracket, which ranges from 35 to 37 percent. Those in New York hope to win the $1.58 billion lotto.
Winning ticket for $1.58 billion jackpot.
In anticipation of the estimated $1.8 billion Mega Millions jackpot on August 8, New Yorkers lined up to purchase tickets. Florida saw the sale of just one winning ticket. (Reuters video)
Before Tuesday, there hadn’t been a Mega Millions jackpot winner in 31 consecutive draws. According to Mega Millions, the $20 million jackpot’s most recent grand prize was win on April 18.
The biggest Mega Millions jackpot was $1.537 billion, which was win in October 2018, until Tuesday’s record win.
However, the biggest lottery win in recent memory is not this one. The Winning ticket for $1.58 billion jackpot for the $2.04 billion Powerball prize in November.
Because lotto companies have lowered the odds for the games, billion-dollar prizes are occurring more regularly, according to experts.
What is your chance of winning the lottery?
The begin prize for Mega Millions was increase from $15 million to $40 million. While the cost of a ticket was raise from $1 to $2, according to the website. The Washington Post said that it increased the chances of Winning ticket for $1.58 billion jackpot the top prize from 1 in 258,890,850 to 1 in 302,575,350.
At the time, a $656 million prize that was split three ways in 2012 was the high Mega Millions jackpot. Since the 2017 adjustment. Mega Millions claims to have won five billion-dollar jackpots.
A Maine investment group won the $1.348 billion ($723.5 million cash) jackpot in January, which was the first time the Mega Millions jackpot exceed $1 billion.
Tickets are available in 45 states, Washington, D.C., and the US Virgin Islands. Each ticket is $2. Players can multiply their non-jackpot rewards in most jurisdictions by adding the multiplier for an extra $1.
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