Topline<\/p>\n
A Mega Millions ticket buyer in Florida won the $800 million jackpot on Wednesday\u2014the biggest lottery prize of 2026 so far\u2014although they will take home a much smaller amount after taxes and deductions.<\/p>\n
The $800 million Mega Millions jackpot was won by a ticket buyer from Florida.<\/p>\n
Getty ImagesKey Facts<\/p>\n
The six winning numbers<\/a> drawn on Tuesday night were 34, 48, 49, 59, 70 and gold Mega Ball 12.<\/p>\n After the winner comes forward, they will have a choice between taking the $800 million payout split across 30 annual installments or a one-time cash prize of $344.2 million\u2014the preferred option for most winners.<\/p>\n If they choose the lump-sum payment, the winnings will first drop to around $261.6 million after a mandatory 24% federal withholding is applied.<\/p>\n The winner is then likely to face a federal marginal rate as high as 37%, depending on their overall taxable income, further cutting their winnings to $216.8 million.<\/p>\n If they choose the installment route, the winner\u2019s annual payments of around $26.7 million would drop to $16.8 million after the 37% federal marginal tax rate is applied.<\/p>\n Florida doesn\u2019t have any separate tax on lottery winnings and also doesn\u2019t levy a state income tax.<\/p>\n What To Watch For<\/p>\n