While an automatic 24% is withheld upfront, you would almost certainly owe a total of 37% when you file your 2024 tax return.

There hasn’t been a drawing with a grand prize winner since Sept. 10 when a ticket worth $810 million was sold in Texas, the 14th-largest jackpot in U.S. history. Ticket sales end at 7:45 p.m., and the drawing will be conducted at 8 p.

If you stand to claim a Mega Millions jackpot, or any other lottery prize, one of the first things you should do is seek out advice from financial experts.