Winner winner chicken dinner! You just won the lottery, but do you know what to do next? Here’s what to know before you cash out.
No players will be taking the $815 million jackpot from Friday's Mega Millions drawing, causing the big prize to rise to an estimated $875 million for Tuesday's upcoming drawing.
The cash option for Tuesday's drawing will be an estimated $413.5 million.
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Friday's winning numbers are here.
The increase places the upcoming jackpot within the top 10 jackpots ever, surpassing the $842.4 million jackpot one by someone in Michigan on Jan. 1, 2024.
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If someone did win Friday's grand prize, they could have opted for a $385.1 million cash option, which would be a one-time payment in lieu of receiving the $815 million.
The large sum is for the 30-year option, which gives winners one immediate payment and continues to give annual payments over the next 29 years. The payments increase by 5% each time in the annuity option, however most choose the cash option.
Lottery winnings are also not tax-free.
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There's a mandatory 24% federal withholding for winnings above $5,000 that goes straight to the IRS. Some states tax lottery winnings as well, but states like California, Florida and Texas do not, at least initially as income.
The last Mega Millions jackpot was won on Dec. 8, 2023, when two winning tickets were sold at the same gas station in Los Angeles, splitting the $394 million prize.
The largest Mega Millions jackpot ever, worth $1.602 billion, was sold on Aug. 8, 2023, in Florida.
Lottery jackpots grow so large because the odds of winning are so small. For Mega Millions, the odds of winning the jackpot are about 1 in 302.6 million.
Winnings will also be taxed by the federal government. There's a mandatory 24% federal withholding for winnings above $5,000 that goes straight to the IRS. Some states tax lottery winnings as well.
Mega Millions is played in 45 states as well as Washington, D.C., and the U.S. Virgin Islands.
Check back at this NBC station on Tuesday for the winning numbers.
