Since no one hit the Mega Millions jackpot on Friday night, the top prize has climbed to $375 million.
If you win in the next drawing on Tuesday, you get the choice of taking a lump sum of $226 million or 30 annual payments averaging $12.5 million each.
Of course, you wonāt actually get the advertised amount. And you can thank Uncle Sam for that.
Largest Mega Millions jackpots
| Rank | Amount | Date | Number of winning tickets | Where tickets were bought |
|---|---|---|---|---|
| 1 | $656 million | 3/30/2012 | 3 | Kansas, Illinois, Maryland |
| 2 | $648 million | 12/17/2013 | 2 | California, Georgia |
| 3 | $536 million | 7/8/2016 | 1 | Indiana |
| 4 | $533 million | 3/30/2018 | 1 | New Jersey |
| 5 | $522 million | 7/24/2018 | 1 | California |
| 6 | $451 million | 1/5/2018 | 1 | Florida |
| 7 | $414 million | 3/18/2014 | 2 | Forida, Maryland |
| 8 | $393 million | 8/11/2017 | 1 | Illinois |
| 9 | $390 million | 3/6/2007 | 2 | Georgia, New Jersey |
| 10 | $380 million | 1/4/2011 | 2 | Idaho, Washington |
Source: Source: MegaMillions.com
Regardless of the payment option you choose, the federal government gets 25 percent of the loot right off the bat. With the lump-sum choice, this would mean the IRS takes $56.5 million of the $226 million, according to estimates from lottery site USAMega.com. That would reduce the winnerās take to $169.5 million.
With the annuity option, annual payments of about $12.5 million would be reduced yearly to about $9.4 million from roughly $3.1 million going to the IRS. Over 30 years, that would mean $282 million for you and $93 million paid in federal taxes.
More from Personal Finance:
Your travel budget will go the farthest in these international cities
5 ways to make the gig economy work for you
Try this trick to get along with your co-workers, even the ones you can't stand
On top of that, you face state taxes unless you live in one of a handful of places where lottery wins are tax-free. In states that do take a piece, the range is from a high of 8.82 percent in New York to a low of 2.9 percent in North Dakota.
Your final tax bill to both your state and the IRS could also be much higher, depending on your individual situation.Ā
The $375 million jackpot amount marks the 10th biggest in the gameās history. The largest was $656 million in 2012, when three ticket holders hit the winning numbers.