Mega Millions Winning Number for Aug. 1 Draw
Since April 18, no one has won the Mega Millions jackpot, causing it to continuously roll over and grow. As a result, the current jackpot is now tied for the seventh largest in U.S. history. Justin Sullivan/Getty Images

The Mega Millions jackpot has soared to an impressive $1.05 billion in anticipation of Tuesday's drawing, as no lucky ticket-holder matched all six numbers in the previous drawing on Friday, according to USA Today.

This upcoming drawing will mark the fourth-largest Mega Millions jackpot in history.

The jackpot has been steadily growing since the spring, with the latest surge following a $20 million prize won in Syracuse, New York, on April 18.

Throughout this year, five other Mega Millions jackpots have been claimed, including a remarkable $1.348 billion prize in January, which stands as the second-largest in the history of the lottery game.

Tuesday's Mega Millions winning numbers were 8, 24, 61, 45, and 30. The Mega Ball number was 12, and the Megaplier was 4X.

How Much Does a Winner Get After Winning Mega Millions?

Winning the Mega Millions jackpot, with odds at a staggering 1 in 302.6 million, is an extraordinary feat, but becoming an instant billionaire is not guaranteed due to how the prize is claimed and taxed, per KTSM.

Mega Millions jackpot winners have two options for receiving their payout: as an annuity, with one immediate payment, then 29 annual payments that increase by 5% each time, or as a lump sum cash payment.

Regardless of the chosen payment method, 24% in federal taxes is withheld immediately by state lotteries. With additional taxes, approximately 37% of the prize money is deducted from the total amount.

State taxes on winnings also vary; some states withhold taxes, while others, like California, do not. In states with no tax withholding, winners may still have other tax obligations to consider.

A Mega Millions winner who opts for the lump sum cash option will receive around $346.7 million after taxes, depending on their state of residence. The cash payout can range from $286.7 million in New York to $332.9 million in Arizona.

On the other hand, if they choose annual payments, they will receive average annual payments of approximately $574.2 million to $662.2 million, depending on their state, over the next 30 years (or $694 million in states with no tax withholdings).

Understanding that the advertised jackpot value usually represents the amount required to fund the annuity option is essential.

For Tuesday's drawing, the $550.2 million listed as the cash option would pay the winner $1.1 billion over 29 years if they choose the annuity option.

While the annuity option ultimately results in a larger overall payout, many jackpot winners prefer the lump sum payments. However, some financial advisers caution against this choice.

Mega Millions Small Winners

No one won the Mega Millions jackpot at the last drawing, but one ticket won $5 million by matching five numbers and including the Megaplier, Kiplinger noted.

Four other tickets matched five numbers to win the $1 million prize, 92 players won the $10,000 prize, and 1,968 tickets matched four numbers for the $500 prize.

This article is owned by Latin Post.

Written by: Bert Hoover

WATCH: Mega Millions jackpot tops $1B - From FOX 11 Los Angeles