If you could use a few extra bucks, a $350 million Mega Millions jackpot is up for grabs on Tuesday night. If your ticket matches all six winning numbers drawn on August 8, you will living the lifestyle of the rich and famous — after taxes, that is.
Tuesday night's jackpot is not a record-breaker, but it's a massive amount of money that will make life a whole lot easier. According to the official Mega Millions website, the biggest jackpot in the history of the lottery game was $656 million that was given away on March 30, 2012.
Tonight's winning numbers
There's still time to buy a Mega Millions ticket. Most lottery retailers stop selling tickets approximately one hour before the 11 p.m. ET drawing. Many local stations will broadcast the live results during their 11 pm newscast or you can download the free LotteryHub app and watch the live drawing on your iPhone, iPad or Android device. The app is also handy for checking the latest Powerball numbers on Wednesday and Saturday nights.
How much will you take home if you win the $350M jackpot?
If you are the sole winner of the August 8 Mega Millions jackpot, you won't get the entire $350 million. According to USA Mega, the Cash value of Tuesday night's jackpot is $216,100,000.
If you take a lump sum payment, Uncle Sam will take his cut before lottery officials cut you a check.
Federal taxes of approximately 25 percent will be deducted, leaving the winner with $162,075,000. But, that's not all. If your state taxes lottery winnings, state taxes will also be deducted from your payout.
For example, if you win the Mega Millions jackpot and live in Connecticut, $15,105,390 will be deducted from your windfall, leaving you with $146,969,610.
That's a lot less than the advertised $350 million, but it's still a big payday that, if invested wisely, will keep you set for life.
According to the Washington Post, not all states tax lottery winnings, in addtion to Puerto Rico and the U.S. Virgin Islands. If you live in California, Delaware, Florida, New Hampshire,Pennsylvania, South Dakota, Tennessee, Texas, Washington and Wyoming, you will only pay federal tax on your Mega Millions jackpot win.
Mega Millions tickets are currently sold in 44 states plus the District of Columbia, and the U. S. Virgin Islands. Tickets cost $1 each — pay an extra $1 for the Megaplier feature and the value of a non-jackpot prize will increase by as much as 5 times the original value.
