Mega Millions Jackpot Swells to $735 Million, 6th Largest in Game History
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The Mega Millions jackpot has reached $735 million, the 6th largest in its history. The lump sum payout would be $356.7 million before taxes.
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After federal taxes, the lump sum would be reduced to $271 million. With the top marginal tax rate of 37%, the winner would take home $224.7 million.
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State taxes can further reduce winnings, from 2.5% in Arizona to 10.9% in New York. Some states like California and Texas don't tax winnings.
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There have been 5 larger Mega Millions jackpots over $1 billion in recent years, after changes increased the odds but allowed bigger prizes.
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The next Mega Millions drawing is Tuesday for the $735 million jackpot. Saturday's Powerball drawing is for a $521 million jackpot.