WASHINGTON — Jackpots for both the Powerball and Mega Millions are near or over the half-a-billion dollar mark with drawings set to take place this weekend.
The Mega Millions prize has climbed to $450 million — winners opting for cash would take home $281.2 million — the fourth-largest jackpot in Mega Millions history. The drawing will be held Friday night.
Meanwhile, the Powerball prize has soared to $570 million — the fifth-largest jackpot in Powerball history, and the seventh-largest jackpot in U.S. lottery history. Winners who opt for the cash option would take home $358.5 million. The Powerball drawing is set for Saturday night.
Combined, the two jackpots top $1 billion, making it the third-largest combined total for the two games, according to Carole Bober Gentry, spokeswoman for the Maryland Lottery.
The odds of picking all six Powerball numbers correctly is about one in 292 million. The odds of doing the same with the Mega Millions jackpot? One in about 302 million.
What about taking home the ultimate prize — $1.02 billion in combined winnings? That would be one in 88 quadrillion, according to CNN Money.
But even if Lady Luck delivers a dream come true this weekend, be prepared for the tax man.
Previously, taxpayers could deduct state income tax — including on lottery winnings — from their federal taxes without limit. Under the tax overhaul approved by Congress last month, deductions on state taxes are now capped at $10,000, which means some big winners could see their tax bills balloon by millions of dollars.
