If You Win The Lottery How Much Do You Actually Get – These are the largest lottery prizes in US history as of July 2022. The estimated jackpot for the next Mega Millions drawing on July 29 could be even larger, depending on ticket sales. Len Melisurgo | Advanced media for
Friday’s Mega Millions jackpot topped $1 billion, meaning a potential winner will pay hundreds of millions of dollars in federal and state taxes.
If You Win The Lottery How Much Do You Actually Get
Almost all lottery winners over the years have chosen the cash option and received the money in a lump sum instead of an annuity, which is always the advertised jackpot.
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The cash option for Friday’s Mega Millions drawing is $602.5 million, but it is likely to increase before the drawing due to strong ticket sales.
As for the cash option, the winner will first receive 24%—or $144.6 million—in federal taxes deducted from the prize.
That’s before state taxes, which vary. A potential winner who bought a ticket in New Jersey would pay an additional 8%, or $48.2 million, in state taxes, leaving the lucky winner with $409.7 million.
If the New Jersey ticket holder chooses the annuity and hits the jackpot, they will pay $246 million in federal taxes and another $82 million in state taxes, leaving the winner with $697 million.
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Whoever wins the jackpot and chooses the annuity receives an immediate payment, followed by 29 annual payments, each 5% more than the previous year, according to Mega Millions officials.
It’s also worth noting that if tax rates increase over the life of the annuity, taxes are withheld at the rate in effect at the time of the scheduled payment, a New Jersey Lottery spokesman said this week.
When purchasing tickets, the player chooses cash or an annuity. The annuity option can be exchanged for cash when a prize is claimed, but the cash option cannot be converted to an annuity, according to a New Jersey Lottery spokesman.
Friday’s jackpot was the third largest in 20 years of Mega Millions and the fourth largest in US lottery history. The top three prizes are at least $1.05 billion.
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No one has won the New Jersey Mega Millions jackpot since an anonymous player from Bayonne won a $123 million prize on July 24, 2020.
The Mega Millions jackpot hasn’t been drawn nationally since someone in Tennessee bought a $20 million ticket for the April 15 drawing.
Friday’s draw will take place at 10:59 p.m. and will air on WABC-7 in New York and Fox 29 in Philadelphia.
The odds of winning the Mega Millions prize range from 24 to 1 and over 302 million at 1.MegaMillions.com.
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The odds of a $2 ticket matching all winning numbers (five numbers plus Mega Ball()) are 302, 575, 350 to 1. Mega Ball and winning at least $1 million.
Mega Millions drawings take place on Tuesdays and Fridays in 45 states as well as Washington DC and the US Virgin Islands.
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Many people dream of winning the lottery and wonder exactly how they will spend the jackpot. Although the chances of you winning the lottery are slim, it is still possible.
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Winning millions of dollars sounds exciting. Many people think that winning the lottery means financial stability for the rest of their lives. Unfortunately, even after winning the lottery, financial problems are possible. This is why spending recommendations are important.
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Before you start spending your lottery winnings, it’s important to take some financial precautions. A few pieces of prudent wisdom can help you keep your money.
When you find out you’ve won the lottery, you probably have a list of people you want to tell about it. Take a break and put this list aside for a while. If people find out you won the lottery, someone will ask for cash.
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Of course, there are exceptions to every rule. There are exactly three people you can talk to about your lottery win:
Your lottery winnings aren’t going anywhere. Of course, there’s usually a limit to how long you can claim a win, but it doesn’t have to be today.
First, talk to a tax advisor about how you should receive your benefits. You may receive a single lump sum or smaller payments spread over a specific period of time.
How have you managed your current budget? Most likely there is room for improvement. Having more money does not give you the ability to manage a bigger budget.
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Do you know if you can spend $15,000 a month to win the lottery? You’re probably not sure. This is why it is so important to seek professional advice.
You know the saying that you shouldn’t make big decisions like getting a new haircut when you’re under stress? The idea is the same. The thrill of victory is too fresh.
You have ideas where you want to spend your money: places you want to go, your dream home or car, and everything in between. Wait to spend your money until these thoughts subside and you can develop a plan for your profits.
Having a plan allows you to responsibly pursue some of your desires without compromising your financial future.
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Maybe six months from now you’ll decide you have enough money to live on, but today is not that day. Making rash decisions can come back to haunt you later.
Until you know exactly how your benefits can be used in the future, it’s important to keep working.
You may think the possibilities are endless, but even your lottery ticket has a limit. Even if your budget has increased, it is still smart to manage your money and not waste it.
Many lottery winners in the past ended up spending all their money because they didn’t have a budget. Don’t let this happen to you. Create a budget now and practice financial responsibility.
What To Do If You Win The Lottery
Not only did they give you a lot of money, but they gave you a step towards financial freedom. Successful financial experts suggest that you put your money to work. Why think about how many millions you’ve won? Invest your money safely and live off the interest.
When it’s time to take action and decide how to invest your newfound wealth, you still need to be careful and make sure you’re making smart decisions. Let’s look at some basic steps that will help you take care of your money and your well-being.
It’s important to understand the difference between spending money and investing in your future. Chances are, paying off your debt won’t make much of a difference in your lottery winnings.
Debt comes with high interest rates and the longer you let the debt roll over into your loan, the more fees you will pay. Consider all areas where you are expected to:
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Pay them all off and you’ll have some room in your old budget to relax on. After eliminating your debt, stick to the family budget.
Paying off your debt will give you a sense of freedom as this burden will be removed from your life. But now is not the time to waste your lottery winnings on the fun things you think of.
It is important to talk to a financial advisor and a lawyer. But don’t stop talking to a person. Talk to a few. Listen to your intuition as these professionals advise you to take the lottery.
While your financial advisors and attorneys may be well-intentioned, their advice may not suit your needs. You may even be the victim of a bad deal from someone you trust. By studying multiple opinions, you’ll gain a broader perspective and be able to make smarter decisions about your financial goals.
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A good way to offset taxes on your profits is to get your money back. A tax advisor can help you with hypothetical scenarios outlining how much you could save in taxes by donating to qualified charities.
Not only can you save money while paying taxes, but you can also spread love and help others with your happiness.
Tip If you become a millionaire, it won’t change you as a person. Your lifestyle shouldn’t change if you don’t want to. Protect your assets
If you don’t have the desire, now is the time to create it. You’ll also want to check your status
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