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 that be you?
Maybe. Since this week's Mega Millions jackpot is rising again. With an estimated $740 million up for grabs for the September 6 drawing, ticketholders are in for an exciting draw.
How much will the payout be and when will it take place? Read on.
Mega Millions drawing days
Mega Millions draws on Tuesday and Friday at 11:00 pm EDT. So, the next big drawing is Friday, September 6th.
You can watch the drawing in one of the following ways:
How much does a Mega Millions ticket cost?
One Mega Millions ticket costs $2.00. Tickets are 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.
Be sure to check your local jurisdiction for a precise time.
How do Mega Millions winners get paid?
You have two options to claim your winnings. You can either accept a lump sum payment or yearly installments.
But remember: lottery winners must pay hefty federal taxes (a little more on that below).
While the lump sum is more immediate, the annualized option will allow you to receive a payout each year over some time.
How much is Mega Millions?
If no one wins for a while the Mega Millions prize racks up. The estimated Jackpot for tonight's drawing is $740 million. (That's an approximate $371 million cash payout).
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, you 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 it be you?
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