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The Mega Millions jackpot has now grown to an incredible $229 million with a cash option of $120 million! The winning numbers for Tuesday March 14th 2023 were 1, 7, 23, 38, 55 and the Mega Ball was 2.
In addition to the jackpot, there are nine other prizes available. $2 for matching one of the five white balls (except in California) and up to $1 million for matching all six.
Tuesday March 14th 2023 saw the drawing of numbers for a $229 million jackpot! The winning numbers were 1-7-23-38-55 and the Mega Ball was 2. You can win smaller prizes if you match three or more of the five white balls.
According to the lottery website, your chances of winning the jackpot are 1-in-302,575,350. However, your odds for other prize tiers are slightly better.
With a $1 ticket, you have the option to select your own numbers or purchase an "Easy Pick" ticket that automatically selects them for you. For an extra dollar, add on the "Megaplier," which increases non-jackpot prize amounts up to five times.
Unfortunately, the odds of winning the jackpot remain extremely slim. Therefore, it's best to stick with official lottery numbers. You can obtain a copy of the current drawing from your local lottery retailer or check on the official website to find out when the next drawing takes place.
For a $1 million jackpot, you must match six numbers between 1-70. Additionally, you can purchase an extra dollar with "Megaplier," increasing your potential winnings if you don't hit the jackpot.
Tickets for games can be bought at gas stations, grocery stores and convenience stores. To play, you must be 18 years or older with a valid photo ID.
If you reside in one of the 47 states that sell tickets for Mega Millions, your odds are better than anyone else's. Since 2022, New York has had the best luck rate with 40 jackpot winners.
Steven Diaz, a math professor at Syracuse University's College of Arts and Sciences, suggests avoiding numbers that others are less likely to pick. He recommends avoiding those between 1 and 31 or those on the edges and corners of your ticket form.
It's best to avoid selecting your numbers based on birthday or other dates, as these tend to be popular picks. If you do decide to pick your own numbers, keep an eye on the jackpot as it grows larger every time someone fails to win it.
The odds of winning the Mega Millions jackpot have been steadily decreasing, yet no one has matched all six numbers yet. That means the jackpot will be worth an estimated $229 million on Tuesday March 14 2023. In addition to the main prize, five other prizes are also offered; one grand prize annuity which pays out a fixed amount each year over 29 years while cash payouts may be subject to state and local taxes.
Taxation of lottery winners by the IRS and most states is based on their total income. Since tax rates tend to be fractions of winnings, prizes can often be larger than anticipated.
There are several ways to minimize your tax bill. First, donate part of your prize money to a worthy cause. Second, create a private foundation and donate the winnings over time. Thirdly, take advantage of federal and state tax credits for education or charitable giving.
Mega Millions has the lowest odds in history, but that doesn't mean you don't have a chance at becoming its next winner. To play, purchase your ticket online at MegaMillions.com or at one of its participating stores near you; who knows, maybe even win big! With odds of one in 302,575,350, your odds are looking good!
If you win the Mega Millions lottery, it may seem like all that money will go toward things like a larger house or exotic vacations. But before taking such a large sum out of your bank account, there are taxes to take into account.
First and foremost is the federal tax rate. When you receive your winnings, the IRS will automatically withhold 24% of it to cover federal income taxes; any remaining proceeds will be released once you file your next tax return.
When planning for a lottery win, state taxes should also be taken into account. Depending on where you reside, these levies can amount to quite a substantial sum. New York, for instance, taxes lottery winnings at an effective rate of 10.9% while Maine levies a 7.15% tax on prize money received.
Thus, your winnings may be far less than expected when it comes to paying taxes - particularly if you fall within the highest federal tax bracket.
If you win the Mega Millions jackpot, you must pay at least $135 million in federal taxes when taking out all of your prize as one lump sum payment. Furthermore, the IRS will withhold state and city taxes from your take-home payout, further decreasing it.
Take the prize in 30 annual installments, rather than one large lump sum payment, to reduce your taxes. Mega Millions recommends taking this option since payments will increase each year by 5%; therefore, your annual tax bill will be less than with a lump sum but still substantial.
Opting for the cash option will save you taxes since the lottery withholds 24% federal income tax from your prize money immediately. However, this could leave a substantial gulf in your tax liability; thus, consulting a tax professional before claiming the prize is recommended.
The good news is that you can use the Mega Millions Tax Calculator to estimate how much taxation you owe on your jackpot winnings. Simply enter the prize amount and filing status for an estimate. From there, you can calculate total taxes due and choose which payment option works best for you.
On Tuesday March 14 2023, you could potentially win one of the world's largest prizes: $229 million in jackpot and $120.5 million cash option.
This lottery jackpot is one of the most generous in history and could mean a significant change to your life. But be mindful that your winnings may not be tax-exempt.
CNBC reports that if you win the Mega Millions lottery and opt to receive your earnings as an annuity payment, federal taxes must be paid. Depending on which payout option you select, estimates suggest owing around $144.6 million in taxes if choosing this route.
With regards to the lump sum payment option, it would be taxed at both federal and state levels. This is because you would owe taxes on both the amount received in the lump sum plus any annuity payments made.
Before anything else, determine whether you live in a state with or without an income tax. Most states with income taxes don't tax lottery prizes, but there are exceptions; check with your local tax office to see if any of these exemptions apply to you.
For instance, New Hampshire taxes interest and dividends but does not levy an income tax on lottery winnings. Other states with no income tax include Alaska and Florida.
Another option is to claim a tax credit for any taxes paid. To do this, file an amended return with the IRS and request they refund any state taxes paid; however, ensure you submit all necessary forms correctly.
For further details regarding the tax obligations of Mega Millions winners, you can consult your state website or that of the Multi-State Lottery Association which administers both Mega Millions and Powerball lotteries.