Mega Millions Jackpot Swells to $650 Million, 7th Largest in Game History
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The Mega Millions jackpot has grown to $650 million, the 7th largest prize in its history. A winner would take home about a third of that amount after taxes.
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A lump sum payout would be $308.6 million pre-tax, or $194.4 million after a 37% federal tax. Annuity option would pay out $13.6 million per year.
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Some states also tax lottery winnings from 2.5% to 10.9%, further reducing the take home amount.
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This is the 7th largest Mega Millions jackpot ever, with the top 5 exceeding $1 billion.
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Rule changes in 2017 increased the odds of larger jackpots accumulating by reducing the odds of winning.