January 04, 2018•Update: January 05, 2018
By Safvan Allahverdi
WASHINGTON
The nation’s two largest lottery jackpots soared to nearly $1 billion Thursday after there were no winners the previous night.
The Mega Millions lottery jackpot remains at $418 million -- the fourth largest in the game’s history -- while the size of the Powerball jackpot jumped to an estimated $550 million.
It has been more than two months since there has been a winner in either lottery.
The largest jackpot ever was a whopping $1.6 billion Powerball prize claimed by three winners in 2016.
A $393 million prize was shared last year by multiple winners in Illinois in the Mega Millions game.
Even before winners collect their prizes, the government takes its cut. Around 40 percent of the payout goes to the federal government with an additional percentage state taxes, which vary by jurisdiction.
New York state takes the biggest percentage, taxing winnings at nearly 9 percent, according to usamega.com, a website that tracks lottery news.
California, Delaware, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington Wyoming do not assess taxes on lottery prizes, according to the website.
Powerball is played in 44 states, Washington DC, Puerto Rico and the U.S. Virgin Islands while Mega Millions is offered in 44 states, Washington DC and the U.S. Virgin Islands.
The next drawing will be Friday night in the Mega Millions game. Powerball will be drawn Saturday.
