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
-
What Trump’s 'Big Beautiful Bill' Means for Your Utility BillsIf passed, the 'Big Beautiful Bill' could make home energy upgrades more expensive and raise monthly costs. Here's how much more you might pay and how to prepare.
-
What Boomers and Gen Xers Can Learn from Younger ColleaguesWhether you're Gen X or a baby boomer, your younger colleagues' opinions on work may help you find a new job or be happier in the one you've got.
-
Homeschoolers Could Soon Save on Expenses With 529 PlansSavings Accounts A new House GOP bill could change how you save for your child's homeschool education. Find out how.
-
Five ‘Big Beautiful Bill’ Tax Changes to Watch in the SenateTax Policy The House passed its version of Trump’s "One Big, Beautiful Bill." Here’s what to look for as Senate Republicans take up the mega legislation.
-
New GOP Car Loan Tax Deduction: Which Vehicles and Buyers QualifyTax Breaks To fulfill Trump's campaign promise, House GOP lawmakers want to offer a tax deduction for car loan interest. How would it work?
-
Big GOP Tax Bill Could Change Your Estate Planning for 2025Tax Law The GOP might extend and increase the higher estate and gift tax exemption and AMT thresholds. What might this mean for your estate plan?
-
Ten Cheapest Places To Live in New YorkProperty Tax If you’re planning a move in New York, here are the counties with the lowest property tax bills in the Empire State.
-
‘My Etsy Shop is Dead’: Vendors Cry for Help Amid Trump’s TariffsTariffs Small businesses are struggling to thrive as they absorb the Trump administration’s new wave of tariffs.
-
Three Things Star Wars Fans Taught Me About TaxTax Tips May the force be with you and your taxes this Star Wars Day 2025.
-
Retirees: Don’t Miss These Valuable State Tax Breaks in 2025Retirement Planning Selecting the right state for retirement can significantly impact your financial well-being.
