If you’re staring at your screen wondering what is the mega millions jackpot currently, the short answer is a staggering $250 million.
It’s a massive jump. Friday night’s drawing went by without a grand prize winner, which means the pot rolled over yet again. The next chance to change your life—at least financially—is Tuesday, January 20, 2026.
But here’s the thing. That $250 million you see on the billboards? You’re never actually going to see that full amount in your bank account. Not even close.
The Reality Of That $250 Million Jackpot
When people ask what is the mega millions jackpot currently, they usually want the big "annuity" number. But if you win on Tuesday and want the money right now, the cash option is $113.5 million.
That’s a huge gap. We’re talking about a $136.5 million difference just for wanting your money today instead of over 30 years. And that’s before the IRS even says hello.
Honestly, it’s kinda wild how the math works. The $250 million is what you get if you take the annuity, which is paid out in 30 graduated installments. Each year, the payment goes up by 5%. It’s designed to help you not blow it all in the first eighteen months. If you take the $113.5 million lump sum, you get the actual cash that the lottery has on hand from ticket sales.
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Breaking Down The Last Drawing
Friday, January 16, was a bit of a heartbreaker for some. The winning numbers were 2, 22, 33, 42, 67 and the Mega Ball was 1.
Nobody hit all six.
However, two very lucky people—one in Texas and one in North Carolina—matched the five white balls. That usually nets you a cool $1 million, but the Texas winner in Wichita Falls apparently had the Megaplier, doubling their prize to $2 million. Not a bad way to start the weekend, even if it’s not the quarter-billion-dollar headline.
Why The Jackpot Keeps Climbing
The jackpot has been on a run since early December. On December 2, 2025, someone out of state hit a $90 million jackpot, resetting the game. Since then, it's been nothing but "rolls."
- January 13: $215 million (No winner)
- January 16: $230 million (No winner)
- January 20 (Upcoming): $250 million
The odds of hitting the jackpot are 1 in 302.5 million. To put that in perspective, you are statistically more likely to be struck by lightning twice or get bitten by a shark while winning an Olympic gold medal.
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Okay, maybe not that last one. But you get the point.
What Most People Get Wrong About Winning
The biggest misconception when looking up what is the mega millions jackpot currently is the "taxes" part.
If you live in a state like Florida or Texas, you’re in luck—there’s no state income tax on lottery winnings. If you’re in New York or New Jersey? Ouch. You’ll be handing over a significant chunk to the state on top of the federal 24% (which actually usually ends up being 37% when you file your year-end taxes).
For this Tuesday's $113.5 million cash prize, a winner in a no-tax state would likely walk away with roughly $71.5 million after the top federal tax rate. Still enough for a few nice cars and a house with a moat, but it's not $250 million.
Recent Big Wins To Remember
We actually just saw a massive claim earlier this month. On January 2, a winner in Georgia came forward to claim a $983 million jackpot from back in November. They took the cash option of $453.6 million.
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That winner chose to remain anonymous, which is a smart move if your state allows it. Currently, states like Georgia, Delaware, and Kansas let you hide your identity. Other states, like California, make your name public record. That’s usually when the "long-lost cousins" start calling.
How To Actually Play (The Right Way)
Look, it's a $2 ticket. It’s a dream.
If you’re going to play for the $250 million, remember that the "Megaplier" is an extra $1. It doesn't affect the jackpot, but it can turn a $1 million Match-5 prize into $2, $3, $4, or even $5 million. In some special cases, it can even go up to 10x.
- Buy before the cutoff: Most states stop sales at 10:00 PM ET on Tuesday.
- Sign the back: Seriously. A lottery ticket is a "bearer instrument." If you lose it and haven't signed it, whoever finds it can claim the cash.
- Check the smaller prizes: There are nine ways to win. Matching just the Mega Ball gets you $2—basically a free ticket for next time.
The next drawing is Tuesday, January 20, 2026, at 11:00 PM ET. You can watch it live or check the results on the official Mega Millions website or through your local state lottery app.
Your next move is pretty simple. Decide if you want to spend the $2 on a "what if" or keep it for a cup of coffee. If you do buy a ticket, the first thing you should do—before you even check the numbers—is put it in a safe place. If those numbers 2, 22, 33, 42, 67, and 1 taught us anything on Friday, it's that the big prize is always just one ball away from being claimed.
Check your old tickets from the January 16 drawing first; you might be the $2 million winner in Wichita Falls and not even know it yet. High-tier prizes expire after 180 days in many states, so don't let that paper sit in your glovebox forever.