The Mega Millions cash value today is $178,600,000 against a $433,000,000 advertised jackpot — 41% of the headline. After the 37% federal rate that is $112.6M in a state with no lottery tax.
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Last draw
Oct 20, 2026 — the numbers were 13 · 28 · 33 · 35 · 48 with Mega Ball 3. No jackpot winner, so the prize rolled to $433,000,000 for Fri, Oct 23, 2026.
Why the cash value is 41% of the headline
The cash value is the amount needed today to buy the securities that will fund 30 rising payments. When rates are higher, the same cash funds a bigger advertised total, so the ratio shrinks. Across 2026 the ratio for both Mega Millions and Powerball has sat between roughly 41% and 46%.
That is why a fixed rule of thumb fails. A 52% ratio belonged to a different interest-rate environment; today's number is lower, and it changes at every draw.
Cash value vs. the cheque you receive
The lottery withholds 24% federally before paying. On $178,600,000 that is $42,867,000, so the first cheque is about $135,733,000. The remaining federal tax — $23,169,625 — is due at filing, plus any state tax.
For the full sequence, see Mega Millions after taxes.