What is the biggest lottery jackpot ever won in the US?
As the Mega Millions lottery creeps towards the billion dollar mark, we take a look back at some of the other whopping wins of recent years.
A single-ticket holder in California won the biggest in American history after the jackpot rose to a whopping $2.04 billion. The $2.04 million jackpot is the largest lottery prize ever won in the United States.
While the ‘jackpot’ figure often appears as a single lump sum payment, the reality is that most lotteries offer an annuitized jackpot in which the money is paid in a series of instalments. Both Mega Millions and Powerball jackpots are paid out in 30 annual instalments.
The following is a list of the highest jackpots to have been won in US history, assuming that the winner chose to accept the higher annuitized amount rather than the lower cash alternative.
| Ranking | Jackpot | Lottery | Date |
|---|---|---|---|
| 1. | $2.04bn | Powerball | Nov, 8, 2022 |
| 2. | $1.59bn | Powerball | Jan. 13, 2016 |
| 3. | $1.54bn | Mega Millions | Oct. 23, 2018 |
| 4. | $1.35bn | Mega Millions | Jan. 13, 2023 |
| 5. | $1.34bn | Mega Millions | July 29, 2022 |
| 6. | $1.05bn | Mega Millions | Jan. 22, 2021 |
How much of a lottery jackpot goes on taxes?
Winning either the Mega Millions or Powerball jackpot is a truly life-changing amount of money, but a fairly substantial proportion of the winnings will go on taxes.
The winner of the $2.04 billion jackpot took home $628 million in a lump sum payment after taxes.
Lotto winners can reduce their tax bill by making charitable contributions. The American Institute of CPAs states that individuals can contribute up to 60% of their adjusted gross income to a public charity and receive a tax deduction for the same amount.