$1.05 billion jackpot: What to know about Mega Millions drawing.
The Latest Mega Millions Drawing
The latest Mega Millions drawing took place on Friday, resulting in no top winner of the jackpot estimated to be $940 million.
The jackpot soared to more than $1 billion after no one matched all six numbers: 5, 10, 28, 52, 63, and the gold ball 18.
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Here is everything you need to know about the Mega Millions before the next drawing.
When do drawings occur?
Drawings for Mega Millions occur every Tuesday and Friday. The next drawing is scheduled for Tuesday, Aug. 1.
How much are the Mega Millions winnings worth?
The jackpot jumped to $1.05 billion, or a cash option of $527.9 million, marking the lottery’s fourth largest prize in history, the Mega Millions said in a statement early Saturday.
How are winnings paid out?
Winners can choose to receive their payment as an annuity or a lump sum.
The lump sum option is a one-time payment of the entire jackpot amount, which will be $527.9 million for Tuesday’s round.
The IRS will take a large cut if you win, requiring a mandatory 24% withholding for funds over $5,000. State taxes will also be taken and vary depending on where you live.
The other method is having the winnings paid out over 30 payments over 29 years, with the disbursement increasing at a rate of 5% per year. Winners will pay taxes as they go, and rates can fluctuate over the years.
How does the Mega Millions work?
The lottery is played in 45 states as well as in Washington, D.C., and the U.S. Virgin Islands.
To participate, visit a grocery store or gas station in your area that has tickets. Players can choose numbers and hope that they match the winning ones drawn. You can enter up to 26 consecutive drawings.
So far, there have been 29 straight draws without a jackpot winner, and the last grand prize ticket was on April 18, with the New York winner claiming $20 million, according to the Mega Millions.
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