Looking to become a multi-millionaire fast? Look no further than Mega Millions as the jackpot soars to $579 million, the tenth-largest prize in the lottery’s history.
One lucky player will have the chance to score the record jackpot after the next drawing on December 6, according to a statement from Mega Millions.
This could be a record-breaking year for the contest. Only three other people have won the Mega Millions jackpot this year, and all of them raked in sums ranking in the top ten highest of all time.
“After the first partial Mega Millions year in 2002, there hasn’t been a single year in which all jackpots won reached the top-ten levels in place at the time,” notes the lottery.
There have never been fewer than five Mega Millions jackpots won in a year, according to the lottery. But that could change for 2024, with this week’s prize marking only the fourth potentially winning jackpot this year.
This year’s first jackpot winner struck big with a $1.128 billion prize in New Jersey. The lucky ticket holder, however, has yet to come forward and claim the prize, according to the lottery’s statement.
If you live in the Garden State, be sure to check your coat pockets and old bags for a ticket you might’ve forgotten about – the winner has until March 26, 2025, to claim the prize before it expires.
The second winner of the year earned a $552 million jackpot in Illinois, while the third struck big with a $810 million jackpot in Texas.
This week’s potential winner could take home a lot less than the advertised prize. The victor may choose to receive the tenth-largest jackpot ever spread over 30 annual payments, or a lump sum prize of $276.6 million immediately.
If the winner chooses the lump sum, mandatory federal tax withholding and a federal marginal tax rate as high as 37 percent could drop the prize to $174 million, according to Forbes.
Even the 30-year installment route comes with its share of taxes, with annual payments likely dropping from $19.3 million to $12.16 million due to the 37 percent federal marginal tax rate, Forbes reports.
In either case, the amount could drop even further depending on the winner’s state taxes.
