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.
Could you be the next lucky lottery winner?
Though a recent Mega Millions jackpot of $800 million was won by a single winning ticket, it won't be long before the jackpot climbs again.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
So that probably has you wondering what days and times the Mega Million draws, how much it costs to buy a ticket, and how much tax you might have to pay on your winnings.
Read on.
Mega Millions drawing days
Mega Millions draws on Tuesday and Friday at 11:00 pm EDT.
You can watch 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 can buy Mega Millions online but only if you live in a participating state.
States that offer Mega Millions online include:
- Connecticut, Georgia, Illinois, Kentucky
- Michigan, New Hampshire, North Carolina
- North Dakota, Pennsylvania, Virginia
The District of Columbia also participates in online play.
However, to play Mega Millions in any of the above states or territories, you must first register with the lotteries in those jurisdictions.
How late can you buy a Mega Millions ticket?
Most states stop selling Mega Millions tickets about an hour before the drawing. However, some stop as early as four hours before the event.
Check your local jurisdiction for a precise time.
Mega Millions annuity
A Mega Millions winner has two options to claim winnings. They can accept a lump sum payment 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.
Mega Millions winning ticket
The most recent lucky winner purchased the $800 million ticket at a gas station in Texas.
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.
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?
Related Content
-
Stock Market Today: Stocks Rally Despite Rising Geopolitical TensionThe main indexes were mixed on Tuesday but closed well off their lows after an early flight to safety.
-
What's at Stake for Alphabet as DOJ Eyes Google's ChromeAlphabet is higher Tuesday even as antitrust officials at the DOJ support forcing Google to sell its popular web browser. Here's what you need to know.
-
Premium Tax Credit: Are You Eligible For This Health Insurance Tax Break?Tax Credits The tax credit can help qualifying individuals pay for coverage from the Affordable Care Act’s health insurance marketplace.
-
FSA Contribution Limits Are Higher for 2025FSA A flexible spending account allows you to build tax-free savings for certain medical expenses.
-
Florida Tax Deadline Extension: What You Need to KnowTax Relief The IRS extended federal tax return file time due to severe storms.
-
IRS: Here’s How to Recover Your Tax Records After a Natural DisasterTax Records Your tax documents can help you get federal relief faster, the IRS says.
-
Voters Approve New Veteran Property Tax ReliefTax Relief Thanks to the election, some Veterans will soon see expanded property tax exemptions.
-
Nevada Approves Diaper Tax Relief Amid Childcare CrisisTax Relief Nevada voters have expanded sales tax relief to diapers. But are prices still too high?
-
Earned Income Tax Credit (EITC) 2024: How Much Will You Get?Tax Credits The refundable amount for workers with or without children is slightly higher this year. Here’s what you need to know.
-
IRS Expands Tax Breaks for Breast Cancer Screenings, ContraceptivesHealthcare Now you can get a tax deduction or reimbursement for certain medical expenses, like over-the-counter birth control and condoms.
