Topline

A Mega Millions ticket buyer in Florida emerged as the winner of an $800 million jackpot on Wednesday—the biggest lottery prize of 2026 so far—although they are set to take home a much smaller amount after taxes and deductions.

Key Facts

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—the preferred option for most winners.

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.

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.

If they choose the installment route, the winner’s annual payments of around $26.7 million would drop to $16.8 million after the 37% federal marginal tax rate is applied.

Florida doesn’t have any separate tax on lottery winnings and also doesn’t levy a state income tax.

What To Watch For

The Powerball jackpot, which has risen to $663 million, is set to have its next drawing on Wednesday night.

Big Number

1-in-290.4 million. Those are the abysmal odds the Florida ticket buyer had to overcome to win the Mega Millions jackpot on Tuesday night. This is only slightly better than the Powerball lottery’s even worse odds of 1-in-292.2 million.

Key Background

This is the biggest lottery prize of the year so far, eclipsing the $533 million jackpot won by a Mega Millions ticket buyer from Illinois in March. The ongoing Powerball jackpot has grown larger as well, but there is no winner yet. The biggest completed Powerball jackpot of the year so far is a $250.8 million prize won by a lottery player from Arkansas.

further reading

Powerball Jackpot Rises To $663 Million—Here’s What The Winner Could Take Home (Forbes)