A lucky Florida resident has won the largest Mega Millions jackpot ever, claiming a staggering $1.58 billion prize. The winning ticket was sold at a Publix supermarket in Zephyrhills, a small town about 30 miles northeast of Tampa1. The winner has not yet come forward, but has 180 days to do so2.
The jackpot is the third-largest in U.S. lottery history, behind the $1.58 billion Powerball jackpot in 2016 and the $2.04 billion Powerball jackpot in 20203. The odds of winning the Mega Millions jackpot are one in 302.5 million4.
The winning numbers for the Tuesday, Aug. 8, drawing were 13, 19, 20, 32, 33 and the Mega Ball was 14. The Megaplier was 2X5.
Cash or Annuity?
The winner has two options to claim the prize: take a lump sum of $783.3 million before taxes, or receive 30 annual payments of $1.58 billion over 29 years6. According to Forbes, the federal tax withholding for the lump sum option is 24%, which means the winner would receive $595.3 million after taxes. However, the federal marginal tax rate is as high as 37%, which means the winner would owe another $101.8 million by April 15, 2024 along with his or her 2023 tax return. That would leave the winner with $493.5 million after taxes.
If the winner chooses the annuity option, they would receive a total of $1.58 billion over 30 years, but each payment would also be subject to federal and state taxes. Florida does not have a state income tax, which is an advantage for the winner.
What to Do If You Win?
If you are the lucky winner of the Mega Millions jackpot, here are some tips from experts on what to do next:
- Sign the back of your ticket and keep it in a safe place until you are ready to claim your prize.
- Consult a trusted financial planner, tax advisor and lawyer before claiming your prize.
- Decide whether you want to take the lump sum or the annuity option.
- Choose whether you want to go public or remain anonymous. Some states allow lottery winners to claim their prizes anonymously, while others require them to disclose their identity.
- Be careful with whom you share your news and how you spend your money.
- Enjoy your life-changing windfall, but don’t forget to give back to your community and causes you care about.
Other Winners
Although there was only one jackpot winner, there were also several other winners who matched some of the numbers and won smaller prizes. Five tickets matched all five numbers except for the Mega Ball and won $1 million each. Those tickets were sold in Texas (two), California, Pennsylvania and West Virginia. Two tickets sold in Florida and North Carolina matched all five numbers except for the Mega Ball and added the Megaplier, doubling their prize to $2 million each. In total, there were 10.6 million winning tickets across all prize tiers.
