If you win the jackpot lottery, you should be sure to sign the ticket. If you can’t sign the ticket, the prize belongs to the next person who bought it. Polaroid pictures of the winning ticket will come in handy if you need to prove ownership of the ticket in court. Financial planner Pratik Patel of BMO Family Office in Chicago recommends consulting a financial planner about your lottery winnings and how to protect them.
Mega Millions jackpot is estimated at $1.28 billion
A lucky ticket holder could win over a billion dollars by winning the Mega Millions lottery. The jackpot increased two times in two days. It was estimated at $1.025 billion on Wednesday, before soaring to $1.1 billion on Thursday. By Friday afternoon, the jackpot hit $1.28 billion, the second-largest jackpot ever won by a Mega Millions player. The cash option is worth $747 million. The lottery draws two times a week, at 11 p.m. ET on Tuesdays and Fridays.
Odds of winning are one in 303 million
It is impossible to win the Mega Millions lottery without buying a ticket. If you have the right combination of five winning numbers plus the Mega Ball, you have a one in 303 million chance of winning the jackpot. This is also the case for the Mega Billion lottery, which has the largest jackpot of all lotteries, with odds of winning 303 million to one. This is why you should make sure to purchase as many tickets as possible, regardless of the odds of winning.
Cash prize is $747.2 million
If you won the jackpot in the Mega Millions lottery, you will have to decide whether you want a prize or cash. If you chose cash, you will have to pay taxes on the cash prize, which will take up to 24% of the total amount before it reaches you. The federal government takes a quarter of your prize, but your state will also deduct a quarter of the amount. If you choose cash, you will end up with a cash prize of $747 million, which means that you will pay taxes on the difference when you claim your winnings the following year.
Just the Jackpot is a new prize structure
When you purchase a ticket for the Just the Jackpot game, you will receive two chances to win the Mega Millions grand prize. Just the Jackpot play tickets are only valid for the Mega Millions grand prize, and you are not eligible for other prizes in the Mega Millions game. However, you can purchase additional ticket types to play for larger jackpots. There are three ways to purchase tickets for Just the Jackpot.
Tax implications for jackpot winners
Winning the lottery is an amazing experience, but what about the tax implications? While winning the jackpot lottery is certainly exciting, you might not want to forget about your taxes. The IRS considers all lottery winnings taxable income. As such, you must allocate the money before cashing it out. In some cases, you may have to pay more than half of your winnings in taxes. However, winning the lottery may still be beneficial for you in some other ways.