The Mega Millions jackpot reached $800 million after no winners were announced for the Friday drawing.
The Mega Millions jackpot reached $800 million after no winners were announced for the Friday drawing. This prize, which is the 10th largest in the game's history, offers a cash value of $344.2 million before taxes. If a winner is selected on Tuesday, they can choose between 30 annual installments of the estimated $800 million or the lump sum. After immediate federal taxes of 23% are applied to the cash payout, the winnings will drop to approximately $261.6 million. Depending on the state of residence, winners may face additional state taxes, such as the 10.9% rate in New York, while states like Texas and Florida do not tax lottery winnings. The odds of winning the Mega Millions jackpot are 1-in-290.4 million, which are slightly better than the Powerball's odds of 1-in-292.2 million. The combined jackpot totals for both games have surpassed $1 billion.