Lately Mega Millions has been all over the news making headlines for its incredible jackpots. As you may have guessed, Mega Millions is actually the biggest jackpot game in the country. As millions of people play, the jackpots (which start at $15 million) quickly increase. When you win Mega Millions, however, a truck full of cash doesn’t just show up at your door. In fact, there’s a lot more to the Mega Millions game than meets the eye. Read on for some lesser known facts about one of America’s most popular lottery games.
1. It’s America’s Game
You can play Mega Millions in 43 U.S. states as well as the U.S. Virgin Islands and the District of Columbia.
2. Winners Don’t Get the Money all at Once
There’s definitely not a bag full of money that gets delivered to the person with the winning number. The Mega Millions annuity is actually paid out as one immediate payment and 29 annual payments, with each payment increasing by 5% each time. For this reason many Mega Millions winners consider selling lottery payments so that they can get one lottery lump sum payout. Similarly, the Powerball lottery annuity is paid out in 30 annual payments.
3. The Winnings Are Taxed
Just because you’re a winner, doesn’t mean you get to skip out on taxes. In fact, the lottery withholds 25% off the top for federal tax and then another 6 to 9% for state tax, depending on your home state and tax bracket.
4. You Have a Limited Time to Claim the Prize
Though it varies by state, you have between 180 days and one year to claim your prize. At this point winners can decide to receive their winnings in the form of annual payments or choose to sell their lottery payments to get one lottery lump sum payout.
5. If No One Claims the Prize, the Money Goes Back to the States
If the prize is not claimed within a certain time limit, each state participating in the game gets back the money they contributed to it. Each state then determines what to do with the unclaimed money. You can find out how this money is used by contacting your state’s lottery.
So, are you feeling lucky? Grab a Mega Millions ticket today for your chance at the jackpot! More.