According to CNBC, this is the first time in the seven years since all US states began selling both Powerball and Mega Millions tickets that both jackpots have topped $300 million simultaneously. Specifically, Mega Millions is up to $382 million, and Powerball has reached $307 million. However, if you win both and decide to take each's lower lump sum payout, your take-home winnings after taxes will be significantly less than $689 (the site USAMega.com estimates that federal and local taxes on the lump-sum winnings for both jackpots would be over $100 million, collectively).
Of course, the odds of winning both jackpots are astronomically slim. Individually, the odds of winning the Mega Millions is 1 in 258,890,850, while the odds of hitting Powerball are 1 in 292,201,338. You have a better chance of being killed by a vending machine or being sainted by the Pope than winning either. The odds jump to a mind-boggling 1 in 75,648,252,765,957,300 (yes, that's quadrillion) for winning both. But hey, it could happen!