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.
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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.
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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.
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The Powerball jackpot, meanwhile, has grown to $434 million ahead of its next drawing on Wednesday night.
