Before the upcoming drawing on Friday, July 29, the Mega Millions jackpot has risen to an anticipated $1.02 billion.
A billion dollars is a difficult sum to comprehend, and in the history of Mega Millions, it has only twice occurred. Here’s what you need to know if you want a shot at the jackpot.
In 45 US states, as well as Washington, DC, and the US Virgin Islands, Mega Millions can be played. Players may purchase an unlimited number of $2 tickets.
You must select a sixth number between 1 and 25 and five numbers between 1 and 70 for each ticket (or, you can let the lottery folks generate the numbers for you).
The person (or individuals) who properly selected all six numbers wins the jackpot.
Your chances of doing that are approximately 1 in 303,000,000.
Despite the fact that it is a national game, each participating state has its own guidelines for receiving rewards.
In actuality, you have up to a year from the drawing date to submit your claim, with a grace period of 90 days. Verify the regulations in the state where the ticket was purchased.
What would you stand to gain? Every Mega Millions jackpot winner has the choice of taking their money all at once in a lump sum or splitting it up over the course of 30 years.
The cash alternative for the $1.02 billion prize is $602.5 million.
Instead, if you chose the annuity option, you could receive the first payment of about $15.3 million. Then, each one following that goes up by 5%. If you pass away before receiving all of the yearly instalments, your heirs will receive the balance.
According to Lisa Kirchenbauer, a certified financial planner and founder of Omega Wealth Management in Arlington, Virginia, each choice offers advantages and disadvantages.
Kirchenbauer also recommended assembling a team of experts, including an attorney, an accountant, and a financial advisor, for anyone who finds themselves suddenly affluent.
Your staff will assist you in selecting the best alternative for you, she stated. “There isn’t a single best choice for everyone.”
Federal income tax must be paid on any lottery winnings over $1 billion. To begin with, 24 percent of your winnings are withheld, according to the IRS website.
Since you only pay taxes on the amount you receive in a given year, how much that is depends on whether you chose the cash or annuity option.
If you withdraw the money all at once, which is roughly $602.5 million, $144.6 million would be deducted from the top, leaving you with $457.9 million.
Depending on where you live, you can owe additional federal and state income taxes by the end of the year.
Everyone has certainly dreamed of winning the lottery, but nobody is really ready for it. Protect your ticket if you decide to. Anyone who has a winning lottery ticket may submit a claim for the prize.
Next, think about your privacy. The requirement for lottery winners to be publicly named varies by state.
You are protected from con artists and long-lost “friends” who want to rekindle contact by keeping your name out of the media and telling as few people as you can.
Read more:-
- As Russia Reduces Gas Supplies to Europe, Us Officials Declare That Their “Biggest Fear” Has Come True.
- Tax Audits by Comey and Mccabe: Questions and Concerns
- California is Expanding Its Tax Credits. Thousands of People Who Desperately Need It May Not Be Able to Get It.
Slowing down is the key, according to Kirchenbauer. “Avoid spending money before you have had a chance to plan and think about it.”
