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☆ Mega Millions jackpot is up to $1.1 billion—what billionaire Mark Cuban says you should do if you win
▼ + stars: | 2024-03-25 | by ( Mike Winters | ) www.cnbc.com time to read: 1 min

For the sixth time in Mega Millions lottery history, the jackpot prize is worth over $1 billion ahead of Tuesday night's 11 p.m. If you match all six numbers on your ticket, you'll have the choice between $1.1 billion paid out as an annuity over 30 years or taking home a lump sum payment of $525.8 million, per usamega.com. Most winners choose the lump sum option, even though it's less than half of the total jackpot amount. With the lump sum payout, winners are theoretically able to invest and start growing the funds right away. However, Mark Cuban, self-made billionaire and star of ABC's "Shark Tank," thinks winners should take the annuity instead.

Persons: Mark Cuban Organizations: Mega

☆ Mega Millions sixth-largest jackpot hits $792 million—how much you'd actually take home in every U.S. state
▼ + stars: | 2024-03-14 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

Mega Millions jackpot prize has grown to $792 million ahead of Friday night's draw — its sixth highest total ever. To win the jackpot, you'll need to match numbers with all five white balls, plus the gold Mega Ball. If you win, you can take a 30-year annuity for the full jackpot amount, or an upfront cash lump sum that's worth about 48% of the jackpot. While the lump sum is much less than the annuity, winners often choose that option since they receive more money right away. The prize amounts for both lump sum and annuity amounts are calculated by usamega.com.

Persons: you'll, usamega.com Organizations: Internal Revenue Service, D.C Locations: California, Florida , New Hampshire, South Dakota , Tennessee , Texas, Washington and Wyoming, Washington

☆ Powerball's jackpot rises to $420 million—here's the after-tax payout for every U.S. state
▼ + stars: | 2023-09-01 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

Powerball's jackpot has risen to a sizable $420 million ahead of Saturday night's draw, although the take-home amount will vary based on your choice of payout and the state taxes where you live. All winners have to pay federal taxes, which includes an automatic withholding tax of 24% levied against the winnings. However, winning millions of dollars will almost certainly put you in the top income tax bracket for 2023, which means another 13% in federal taxes when you file your tax return. You'll likely have to pay state income taxes on those winnings as well, which range from 2.9% to 10.9% depending on which state you live in. However, eight states don't charge income tax on lottery winnings: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.

Persons: You'll Organizations: D.C Locations: California, Florida , New Hampshire, South Dakota , Tennessee , Texas, Washington and Wyoming, Washington

☆ Mega Millions jackpot climbs to $820 million—here's how much you'd actually take home in every U.S. state
▼ + stars: | 2023-07-25 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

You may have missed out on Powerball's $1.08 billion jackpot prize, but there's still $820 million up for grabs with Mega Millions' next draw Tuesday night at 11 p.m. But then there's taxes. For either payout option, you'll pay an automatic 24% federal withholding tax on your winnings. That means you'd almost certainly pay another 13% in taxes when you file a 2023 tax return. Eight states don't charge income tax on lottery winnings: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.

Organizations: Millions, D.C Locations: California, Florida , New Hampshire, South Dakota , Tennessee , Texas, Washington and Wyoming, Washington

☆ Powerball's $1 billion jackpot has a winner—and 36 others scored $1 million
▼ + stars: | 2023-07-20 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

One lucky Golden State winner scored the Powerball's third-ever $1 billion jackpot by matching all five numbers and the Powerball. But seven other California players got lucky too. They were among 36 players across 16 states who matched five numbers to win $1 million during the draw. The million-dollar prize automatically drops to $760,000 after getting taxed at the 24% federal rate, according to Powerball's tax calculator. Unlike the jackpot winner, these million-dollar prize winners may not have the option to stretch their winnings out over a period of time — they have to take a lump sum.

Organizations: Golden, California, Connecticut, Illinois Indiana, Missouri, Wisconsin, Powerball Locations: California, Connecticut Florida, Illinois Indiana Kentucky Massachusetts, Maryland, Missouri New Hampshire New Jersey, New York, Ohio Texas, Wisconsin West Virginia, Florida , Pennsylvania, Rhode, Florida, New Hampshire, New Jersey

☆ Powerball's jackpot reaches $1 billion—here's the after-tax payout in every U.S. state
▼ + stars: | 2023-07-19 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

But the amount that winners take home will vary by hundreds of millions of dollars, based on the payout they choose and whether their state charges taxes on the winnings. All winners pay an automatic 24% federal withholding tax on their winnings, which is considered income. Then you have state income taxes, which range from 2.9% to 10.9% depending on which state you live in. And eight states don't charge income tax on lottery winnings: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming. Assuming a top federal tax rate of 37%, here's the after-tax amount you'd take home in each state and Washington, D.C., if you won the $1 billion jackpot, for both the lump sum and annuity option, according to usamega.com.

Persons: Powerball's, It's Organizations: D.C Locations: California, Florida , New Hampshire, South Dakota , Tennessee , Texas, Washington and Wyoming, Alabama, Alaska, Hawaii , Nevada, Utah, Washington

☆ You could win nearly $1 billion between the Mega Millions and Powerball jackpots—how much you'd take home after taxes
▼ + stars: | 2023-07-03 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

Powerball's jackpot is worth $522 million and Mega Millions' jackpot is $400 million ahead of late-evening draws on Monday and Tuesday, respectively. For the $522 million Powerball jackpot, the lump sum payout is $269,600,000. For the Mega Millions $400 million jackpot, it's $205,000,000. Check out current Powerball jackpot payout estimates in your state, based on calculations by usamega.com. How much you'd take home after winning Mega Millions' $400 million jackpot

Organizations: Powerball, Internal Revenue Service Locations: North Dakota, New York, California, Florida , New Hampshire, South Dakota , Tennessee , Texas, Washington and Wyoming

☆ Powerball's jackpot climbs to $366 million — here are the 8 states where you’d win the most
▼ + stars: | 2023-06-17 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

The Powerball lottery jackpot has crept up to a sizable $366 million ahead of Saturday night's draw, but if you're lucky enough to win, the amount you actually take home is likely far less. With the annuity option, you'll receive the full jackpot amount. With the lump-sum payout, you will receive 52% of the jackpot amount, according to calculations by lottery site usamega.com. Beyond that, you also have to pay taxes. While state taxes vary, all winners pay an upfront federal withholding tax of 24% on the winnings.

Persons: you'll

☆ The 8 best states to win the $1.1 billion Mega Millions jackpot
▼ + stars: | 2023-01-10 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

After weeks without a winner, the Mega Millions jackpot is now $1.1 billion — the third largest in the lottery's 27-year history and the fifth-largest ever in the U.S. But depending on where you bought your ticket, those winnings can vary by as much as $120 million due to state taxes. State taxes are charged, too, but unlike federal taxes, they vary widely by state. The cash payout is much less than the annuity, but it's often chosen since it can be reinvested right away. The cash payout is nearly $63 million more in tax-free states than in New York, the most-taxed state.

☆ Mega Millions jackpot is up to $785 million—here's how much you'd actually take home in each state
▼ + stars: | 2023-01-03 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

The Mega Millions jackpot is now at $785 million, its fourth-highest total ever. If you're lucky enough to win the Mega Millions jackpot, your ticket will have to be cashed in the state where it was purchased. You can choose between two payout options: A lump sum worth about 50% of the total winnings or an annuity of the full amount paid out over 30 years. That amount can be further reduced by state taxes on lottery winnings, which vary from nothing at all in states like California to 10.9% in New York, which charges the most of any state. Below is the total after-tax winnings you'd take home based on a jackpot of $785 million, listed alphabetically by state or district, per usamega.com.

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