The Mega Millions jackpot jumped above a billion dollars after no winner was declared last week. The grand prize is now estimated to be $1.1 billion for Tuesday’s drawing.
Here is everything you need to know about the Mega Millions before the numbers are called tonight.
When do drawings occur?
Drawings occur every Tuesday and Friday at 11:00 p.m., and the Mega Millions is played in 45 states, Washington, D.C., and the U.S. Virgin Islands.
How much are the Mega Millions winnings worth?
The jackpot jumped to $1.05 billion, amounting to $527.9 million in cash as of Tuesday. For the fifth time in its history, the lottery exceeded a billion dollars.
How are winners paid out?
Those who score big can choose to receive their payment as an annuity or a lump sum.
The lump sum option, which is the path most winners opt for, is a one-time payment of the jackpot. If you win, the IRS will take a major cut of your earnings, requiring a mandatory 24% withholding for funds over $5,000. Winners must pay taxes on their victory, depending on which state they reside in.
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Those who select the annuity option will have their winnings paid out over 30 payments over 29 years, with the disbursement increasing at a rate of 5% per year. Taxes must be paid throughout the distortion period, and rates can waver over the years.
How can I play?
Tickets to play in the Mega Millions cost $2 and can be bought at participating convenience stores, gas stations, and grocery stores. Players can pick five numbers from 1 to 70 and one Mega Ball number from 1 to 25 and listen in to find out if they're winners.