The odds of winning the jackpot are 1 in 302,575,350. Mega Millions jackpots start at $20 million for the annuitized prize and grow based on game sales and interest rates for 30-year US treasuries. He said while he rarely plays the lottery these days, he did buy one ticket for Friday night’s drawing. It doesn’t necessarily change who you are,” he said. “I found that for myself and for a lot of people that I’ve met and interviewed that if you win the lottery jackpot it magnifies, or at least it can magnify, your personality. Schultz said he didn’t consider himself to be materialistic before he won so his most extravagant purchases were some cars and real estate. He said working with a financial adviser will benefit people who have no experience with millions because an adviser will help the winners understand what they can realistically can do with the winnings. And, you know, it’s one of the most surreal life changing things that can possibly happen to somebody.” “I think it can buy time, which can be invaluable.
“It can change pretty much everything, relationships, your ability to live a life,” he said. He said after he checked his numbers in the newspaper and realized he won, some of the first calls he made were to attorneys and financial advisers.Ģ1 ways to live luxe if you win the $1.28 billion Mega Millions jackpot Timothy Schultz, who won a $28 million Powerball jackpot in 1999 and now hosts a lottery podcast, told CNN winning can “really turn your life on its head.” The largest jackpot of any US lottery game was $1.586 billion – a Powerball prize from January 13, 2016, shared by winners in California, Florida and Tennessee. That’s the second-largest jackpot for any US lottery game, though it’s the world’s largest lottery prize won by just one ticket, according to Mega Millions. The Mega Millions jackpot record is $1.537 billion, won by a single ticket sold in South Carolina in 2018. The next drawing is Tuesday at 11:00 p.m. That means a ticket purchased in Oregon - which has state tax of 8% on jackpot winnings - would be worth about $70 million less than a ticket bought in California, which doesn't charge state taxes on jackpots.The winning numbers for Friday’s Mega Millions drawing for an estimated $1.28 billion were 13-36-45-57-67 with a Mega Ball of 14.įriday’s jackpot was the lottery’s second-largest prize in its 20-year history, and it came with a cash value option of $742.2 million. Generally speaking, your home state will require you to report out-of-state winnings, but they will offer a credit or deduction for taxes already paid to a non-resident state. Where you buy the ticket matters, too: If you buy a winning ticket outside your state or district, you will be subjected to state taxes for the state in which the ticket is purchased. For the annuity, the difference is just over $147 million. The cash payout is $77.1 million more in tax-free states than in New York, the most-taxed state. The cash payout is much less than the annuity, but it's often chosen since it can be reinvested right away. That means either $446,014,045 as a cash lump sum or a 30-year annuity totaling $851,611,350, according to. If you live in any of these states, you will take home the maximum payout.
However, eight states don't charge taxes at all: They typically range from 3% to 6%, but go up to 10.9% in New York - the most charged by any state participating in the lottery. State taxes are charged, too, but unlike federal taxes, they vary widely by state. That's because winning more than $578,125 as a single filer or $693,750 married filing jointly would trigger the top tax rate for 2023. Federal taxes are the same for everyone: 24% upfront on all winnings, although the total tax bill will almost certainly be 37% when you actually file.
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