The Mega Millions jackpot has risen to an estimated $604 million, making it the largest lottery prize of 2026 so far.
The increase came after no ticket matched all six numbers in Tuesday night's drawing.
The winning numbers drawn were 2, 31, 35, 36, 63, and Mega Ball 12. The next drawing is scheduled for Friday night.
Payout Options and Tax Implications
A future winner can choose between a $604 million annuity paid over 30 years or a lump-sum cash option of $266.3 million.
According to Forbes, most winners opt for the cash payout.
If the cash option is selected, a mandatory 24% federal withholding tax will immediately reduce the amount to about $202.4 million.
Additional federal marginal rates, which can reach up to 37%, could further lower the take-home cash to approximately $167.8 million, depending on the winner's total taxable income.
Choosing the annuity option results in annual payments of around $20.1 million.
With a 37% federal marginal tax rate, those annual disbursements would decrease to $12.7 million.
State taxes may also apply based on the winner's residence.
For example, New York imposes a 10.9% tax on lottery winnings, while states like Texas, Florida, and California do not tax lottery prizes.
The odds of winning the Mega Millions jackpot are 1 in 290.4 million, slightly better than Powerball's odds of 1 in 292.2 million.
The Powerball jackpot, meanwhile, has grown to $434 million ahead of its next drawing on Wednesday night.
