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On Friday night in Des Moines, Illinois, a Mega Millions ticket purchased for $1 million won. This prize is the third-largest ever offered in this game and ended a run of 24 consecutive drawings without a winner.
Since mid-April, when a winner in California hit the top prize, the Mega Millions jackpot has been growing at an exponential rate. At present, your chances of hitting it are 1 in 302,575,350.
Lottery games in Iowa offer people the chance to win big money. They can choose from scratch-off and instant draw games, or play multi-state lotteries like Mega Millions, Powerball and Lucky for Life.
Since 1985, Iowa's lottery has generated more than $2 billion for state initiatives. Proceeds go to the General State Fund which supports programs in education, health and family services, natural resources management and public safety.
Powerball is one of the world's most beloved draws, costing $2 a ticket with long odds that could mean an astronomical jackpot. In 2016, for instance, the top prize was an incredible $1.5 billion with tickets sold across three states.
Iowa boasts numerous local lottery games that offer greater prizes. Lucky for Life boasts a top prize of up to $500,000, while Lotto America pays out various cash rewards.
In California, several scratch-off lottery games are available; including All or Nothing and Pick 3 Midday and Evening. These can be lucrative opportunities to make some extra money but may present risks if you're uncertain how much investment is appropriate.
To determine whether you can afford gambling with your hard-earned cash, evaluate each lottery game's payout rates. Alternatively, play lower priced scratch-off tickets for better odds at winning smaller sums of money.
It's also worth remembering that when you win a lottery, taxes on the prize must be paid. Usually, 24% of total winnings go to the federal government and another 5% goes to the state where your ticket was purchased.
It's essential to remember that all Iowa lottery prize winners have 90 days from the drawing date to claim their prizes. However, some games, such as instant draws and scratch-offs, may have longer redemption periods. You can check the rules on the Iowa Lottery website or download their mobile app to learn more.
On average, the odds of winning the Mega Millions jackpot are 1 in 302.6 million. But it does happen more frequently than people think - and in this case, someone who won the prize on Friday in Maine actually came forward to claim their reward!
Boardman noted that the winner of the prize chose to remain anonymous and collect cash instead of annuitizing over 29 years, per lottery rules. They received $723,564,144 before taxes as a result of their decision.
Taxes can take a significant toll on your winnings, regardless of how they are received. Depending on where you live and your tax rate, the federal government could owe you up to 13% or even more of what you win; additionally, the state where you purchased the ticket may impose its own taxes on top of that.
When you win a substantial sum in the lottery, experts suggest working with a financial planner to develop an appropriate strategy. It is essential to determine what you plan to do with your funds and how it can enhance your life, according to experts.
For instance, you could purchase a luxury mansion and hire staff to keep it tidy. Or perhaps you would invest in a private island. Additionally, you could leave a legacy to those closest to you or donate the funds to charity.
No matter your lifestyle, the Mega Millions jackpot can drastically impact your finances. That's why it's wise to consult a qualified financial planner before spending too much of your hard-earned savings on anything.
Mega Millions has always seemed unlikely, but there is still a chance you might win the top prize - and it's worth playing for. Playing costs $2 and you win if all six numbers match. You can play online or by calling your local retailer; drawings take place every Tuesday and Friday night; the next one takes place on January 3.
If you win a substantial prize on a game show or lottery, it is essential to understand how the money is taxed. Your taxes depend on where you live and how much of your prize is taxable income.
In most cases, prizes you win are subject to federal and state taxes. This is because governments require revenue in order to fund their operations and programs.
The IRS will deduct 24% of your winnings from your income in order to offset taxes. You'll then owe any remaining amounts when filing your tax return for the following year.
Most jackpot winners opt for the lump-sum option, which provides them with a one-time payment instead of annual payments that accumulate over 30 years. This approach gives the winner more money to spend immediately than taking out an annuity which would require waiting longer before receiving their payout.
According to Danielle Frizzi-Babb of Mega Millions, a lump-sum payment is preferable for tax purposes. That means you only owe federal taxes on any portion of your winnings that exceeds $539,900.
If you opt for an annuity, your income is taxed over its duration - potentially decades. As such, in such cases you would be required to pay approximately 37% in annual taxes on any annuity income generated over those decades.
If you opt for a lump-sum annuity, you must pay approximately $268.1 million in federal income taxes for the 2023 tax year. The IRS will take 24% of this sum immediately and expect you to cover any remaining tax when filing your 2023 return next year.
Your spendable winnings would then decrease to approximately $456.5 million, which is still a substantial sum of cash. It's worth noting, though, that annuity payments grow over time so your overall spending power will increase. This may make up for any taxes on the lump-sum payment received but it's best to consult a financial expert if you plan to invest in large sums of money.
If you are fortunate enough to win a Mega Millions prize, the next step is deciding how to claim it. Depending on how much money is coming your way, there may be various options such as in-store pickup at a Claim Center or online with an e-Claim; in some cases, money may even be sent via mail!
When claiming your prize, the initial step is to check off all the boxes on the ticket. The top box will indicate which prize category you fall under, while the second tells you which state or jurisdiction applies. Doing this helps determine what steps should be taken next and how long it'll take for your claim to process.
If you are an Iowa resident, then you must claim your prize within 90 days of the drawing date. Other states and jurisdictions have different claim windows depending on the game type and prize amount.
Therefore, failing to claim your prize on time can be a frustrating experience. That is why it is essential that you are familiar with the various rules and regulations in your jurisdiction before making a purchase.
One of the more intriguing ways to claim a Mega Millions prize is by remaining anonymous. This option is legal in Illinois and it's not uncommon for jackpot winners to keep their identities hidden. Illinois lottery officials will gladly assist if you wish to keep your identity private - you'll have much more fun without worrying about identity theft and all its hassles!