Any superfan of HGTV can tell you about the hit reality series, "My Lottery Dream Home." Lottery winners go on extravagant house-hunting journeys to find their next luxury abode.
That could be one lucky winner.
Last night's Mega Millions jackpot was high. $800 million was up for grabs for the September 10 drawing, making for an exciting draw.
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How much was the total payout? Who else won? And how much tax do you pay on your Mega jackpot? Read on.
Mega Millions drawing days
Mega Millions draws on Tuesday and Friday at 11:00 pm EDT. The last big drawing was Tuesday, September 10.
You could've watched the drawing in one of the following ways:
- Go to the Mega Millions website
- Watch on YouTube
- View on broadcast television
How much does a Mega Millions ticket cost?
One Mega Millions ticket costs $2.00. Tickets were available in most U.S. states and the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.
States that don’t participate in Mega Millions are Alabama, Alaska, Hawaii, Nevada, and Utah.
Can you buy Mega Millions online?
You could've bought Mega Millions online but only if you lived in a participating state.
States that offered Mega Millions online included:
- Connecticut, Georgia, Illinois, Kentucky
- Michigan, New Hampshire, North Carolina
- North Dakota, Pennsylvania, Virginia
The District of Columbia also participated in online play.
However, to play Mega Millions in any of the above states or territories, you must've first registered with the lotteries in those jurisdictions.
How late can you buy a Mega Millions ticket?
Most states stopped selling Mega Millions tickets about an hour before the drawing. However, some stopped as early as four hours before the event.
Participants could have checked their local jurisdiction for a precise time.
Mega Millions annuity
The winner has two options to claim winnings. They can accept a lump sum payment of $404.2 million or yearly annuity installments.
But remember: lottery winners must pay federal taxes (a little more on that below).
While the lump sum is more immediate, the annuity option will allow the winner to receive a payout each year over some time. According to the lottery's website, the Mega Millions annuity is "one immediate payment followed by 29 annual payments. Each payment is 5% bigger than the previous one."
So, the example lottery officials provide is if a jackpot is $100 million, the initial payment would be around 1.5 million, with annual payments growing to around $6.2 million.
Where was the winning Mega Millions ticket sold?
The lucky winner purchased the $800 million ticket at a gas station in Texas. According to the Mega Millions website, four other California, Florida, New York, and Washington winners also received a $1 million prize each.
Earlier this year, the Mega Millions paid out $1.13 billion to someone in New Jersey, and then a winner took home $552 million in jackpot in Illinois. So don't lose hope.
But as mentioned, it’s important to note that, in addition to federal taxes, winners may need to pay some local state taxes as well. (Though some states won’t tax your lottery winnings).
Of course, some can’t ignore the allure. Who wouldn’t want to be a millionaire? Despite the odds — about 292.2 million to one according to lottery officials — someone has to be that one.
Could the next one be yours?
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