Florida Mega Millions player wins $800 million jackpot

Topline

A Mega Millions ticket buyer in Florida has won an $800 million jackpot, the largest lottery prize of 2026 so far. However, after taxes and deductions, the winner is expected to take home a significantly smaller amount.

Key Facts

• The six winning numbers drawn on Tuesday night were 34, 48, 49, 59, 70 and gold Mega Ball 12.
• Once the winner comes forward, they must choose between:
• $800 million paid in 30 annual installments, or
• A one-time cash prize of $344.2 million (the preferred option for most winners).
• If the lump-sum payment is chosen, a mandatory 24% federal withholding reduces the amount to approximately $261.6 million.
• The winner is then likely to face a federal marginal tax rate as high as 37%, depending on their overall taxable income, further reducing the lump sum to $216.8 million.
• If the installment route is chosen, annual payments of around $26.7 million would drop to $16.8 million after the 37% federal marginal tax rate is applied.
• Florida does not impose a separate tax on lottery winnings and has no state income tax.

What To Watch For

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

Big Number

1-in-290.4 million. That is the odds the Florida ticket buyer overcame to win the Mega Millions jackpot on Tuesday night. This is slightly better than the Powerball lottery’s odds of 1-in-292.2 million.

Key Background

This is the biggest lottery prize of the year so far, surpassing the $533 million jackpot won by a Mega Millions ticket buyer from Illinois in March. The ongoing Powerball jackpot has also grown larger, but no winner has been declared yet. The largest completed Powerball jackpot of 2026 to date 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)