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☆ If you win the lottery, here’s what you should (and shouldn’t) do
▼ + stars: | 2023-07-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

Before you broadcast your sudden windfall to the world, and even before you contact lottery officials, you’ll be wise to surround yourself with a team of lawyers and financial advisers. Make copies of both sides of your lottery ticket, and then lock it up somewhere only you can access it. “Find an attorney who has experience dealing with people with this level of wealth, because it is different,” says Herzig. Next up, you’ll need an accountant and a financial adviser to protect your wealth from “creditors and predators,” as Herzig puts it. But there’s one big piece of the lottery puzzle that you can’t farm out to lawyers, and that’s your mental health.

Persons: you’ll, “, ” Belinda Herzig, ”, Gary, who’s, Herzig, you’re Organizations: New York CNN, Mellon Wealth Management, CNN, lotto Locations: New

☆ 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

☆ Mega Millions Winner Scores $1.35 Billion Prize
▼ + stars: | 2023-01-14 | by ( Ginger Adams Otis | ) www.wsj.com time to read: 1 min

The odds of winning the top prize were 1 in 302.6 million. Maine won its first Mega Millions jackpot Friday when a ticket bought in the state matched the winning numbers for the $1.35 billion prize. The estimated $1.35 billion jackpot is the second-largest prize in Mega Millions history, officials said.

A Maine resident purchased the winning ticket ahead of Friday $1.35 billion Mega Millions jackpot drawing — the second-largest in the game's history, lottery officials said. The lotto winner matched all six numbers in the game, which hasn't crowned a jackpot winner since Oct. 14. Some state lottery officials do not identify winners out of concern for their privacy and security. With no winner earlier this week, Friday’s top prize grew to surpass the $1.35 billion jackpot won in July 2022. Friday's winner can choose between accepting 30 annuity payments worth the $1.35 billion, or a one-time cash payment of $724.6 million.

☆ Lebanon, Maine — where the winning Mega Millions lottery ticket was sold — is a small town for 'woodsy introverts' with just over 6,000 residents near New Hampshire
▼ + stars: | 2023-01-14 | by ( Bethany Biron | ) www.businessinsider.com time to read: +3 min

Maine just sold its first winning Mega Millions ticket for a whopping $1.35 billion. The ticket was sold at a gas station in the small town of Lebanon. "There is not much around, but it is a quiet little town in Maine," they wrote on the site. Hometown Gas & Grill in Lebanon, Maine. A total of 1,250 retailers sell lottery products in the state, and each business receives commissions and bonuses, per the Maine Lottery.

☆ Here are the odds you'll win the $404 million Powerball jackpot
▼ + stars: | 2023-01-14 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

With the Mega Millions lottery jackpot surpassing $1 billion last week, it can be easy to overlook the Powerball jackpot growing to $404 million ahead of Saturday's draw. The Powerball jackpot is nowhere near its all-time U.S. jackpot record of $2.04 billion set last November, but nearly half a billion dollars isn't chump change, either. The odds of winning the Powerball jackpot by matching all numbers with the five white balls and red Powerball drawn are 1 in 292,201,338, according to the lottery. The Power Play prize multiplier is randomly selected before each drawing. There are some exceptions to consider, though: The $1 million multiplier prize amount is capped at $2 million and the 10 times multiplier is only in play when the advertised jackpot annuity is $150 million or less.

☆ Winning lottery ticket for $1.35 billion Mega Millions jackpot was sold in Maine
▼ + stars: | 2023-01-14 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Jan 14 (Reuters) - A single winning ticket for a Mega Millions lottery jackpot ofat least $1.35 billion, the second largest jackpot in U.S. history, was sold in Maine, lottery organizers said on Saturday. "Congratulations to the Maine State Lottery, which has just won its first-ever Mega Millions jackpot," Ohio Lottery director Pat McDonald, lead director for the Mega Millions Consortium, said in a statement. "It's the fourth billion-dollar jackpot in Mega Millions history." Most winners go for the lump sum, which comes with a hefty tax bill, according to the Mega Millions website. The winning numbers for the jackpot were 30, 43, 45, 46 and 61, plus the power ball 14.

☆ Mega Millions jackpot is $1.35 billion. Here are 3 tips for navigating a win's 'cycles of surprise,' says advisor
▼ + stars: | 2023-01-13 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +3 min

Fatih Aktas | Anadolu Agency | Getty ImagesThere's a chance a Mega Millions player is on the verge of joining a very short list: winners who snag a jackpot worth more than $1 billion. That's how much you'd win if you were to take the windfall as an annuity paid out over three decades. Between Mega Millions and Powerball, there have been winners of five other jackpots totaling more than $1 billion, including one worth more than $2 billion. If Friday's drawing produces a winner (or winners), the amount would mark Mega Millions' second-largest jackpot ever and the fourth-largest lottery prize in history. That's when the jackpot was reset to $20 million after two tickets sold in Florida and California split a $502 million grand prize.

☆ The $1.35 billion Mega Millions jackpot hasn't been claimed, but ticket holders are still winning millions
▼ + stars: | 2023-01-13 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

Even if you don't take home the Mega Millions $1.35 billion jackpot Friday, you still could win millions in prizes. With the last draw on Tuesday, 16 ticket holders across the U.S. won between $1 million and $3 million in prize money. The winners matched the numbers on five of the six white balls drawn — the odds of which are 1 in 12,607,306. Below are the winnings for matching at least some of the numbers in a given draw, excluding the Megaplier:Matching four white balls and the gold Mega Ball: $10,000Matching four white balls: $500Matching three white balls and the gold Mega Ball: $200Matching three white balls: $100Matching two white balls and the gold Mega Ball: $10Matching one white ball and the gold Mega Ball: $2Matching the gold Mega Ball: $2In Tuesday's draw, 215 tickets matched four white balls plus the Mega Ball to win at least $10,000. Sign up now: Get smarter about your money and career with our weekly newsletterDon't miss: The 8 best states to win the $1.35 billion Mega Millions jackpot

You still have a shot at becoming a Mega Million billionaire. Nobody matched the six numbers — 7, 13, 14, 15, 18 and Mega Ball 9 — Tuesday night to win the $1.1 billion jackpot, which means the prize will keep growing. When the numbers are drawn again Friday night, the jackpot will be worth about $1.35 billion, the second-highest top prize in the game's history, according to the Mega Millions website. Tuesday's $1.1 billion was the third-highest amount for a Mega Millions jackpot, bested only by the $1.5 billion won in October 2018 and the $1.3 billion in July 2022. Under that “lump sum” choice, the most money a winner was likely to see from the jackpot was very close to one-third of the $1.1 billion, $363.4 million, the publication said.

Financial planner Jovan Johnson doesn't always advise against playing the lottery. Whenever we see a huge lottery drawing on the television screen, it can be very enticing to drop everything and go purchase a ticket. There is nothing wrong with playing the lottery if it is for pure fun and within your budget. Your savings come firstBefore you consider playing the lottery, ensure that you are on track with saving towards your financial goals and paying all your living expenses. A strategy to limit the amount that you use to purchase lottery tickets is to pool together an amount with a group of trusted friends or family.

☆ Hoping to win the $1.35 billion Mega Millions jackpot? Take these 3 steps to prepare for any cash windfall
▼ + stars: | 2023-01-11 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +3 min

Of course, the size of the cash windfall and your own financial situation may completely change how you decide to spend it. But in any case, having the right mindset around extra cash can help you avoid squandering the opportunity when it arises. Sometimes you know a windfall is coming, like if you're expecting a decent tax refund. In any case, here are three steps you can take to prepare for a cash windfall. That can mean having a plan for all or part of your tax refund to go directly to your savings.

As excited as you may be to share the big news with everyone, it's the last thing you should do. "Once you're announced as the winner, the sharks will start circling," Kristen Euretig, a financial planner who founded Brooklyn Plans, previously told Insider. With only a few states allowing anonymity to lottery winners, it can be difficult to keep the news private. But you can do a few things to stay under the radar, like deleting your social media accounts, leaving town for a few days, and setting up an LLC or trust so people can't track you. You can also refrain from announcing the big win publicly on social media, in a TV appearance, or in person.

☆ Mega Millions jackpot jumps to $1.35 billion for the next drawing. Here's the tax bill if there's a winner
▼ + stars: | 2023-01-11 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

You may face long odds of hitting the Mega Millions jackpot — now worth $1.35 billion — but the taxman is always guaranteed a slice when there's a winner. The jackpot jumped again after no ticket matched all six numbers drawn Tuesday night to land the grand prize. If won in the next drawing — set for Friday night — it would mark the second-largest Mega Millions jackpot ever and the fourth-largest lottery prize in history. Most winners, however, choose the lump sum cash option, which for this jackpot is $707.9 million. Yet because the top marginal income tax rate of 37% applies to income above $578,125 for individual tax filers and $693,750 for married couples, you could count on owing more to the IRS at tax time.

No one won the last Mega Millions drawing, sending its jackpot soaring to $1.35 billion. It's the second-largest prize in Mega Millions history. The Mega Millions jackpot is estimated at $1.35 billion, the second-highest Mega Millions top prize ever recorded. The next drawing for the jackpot is scheduled for Friday, January 13, according to the Mega Millions website. Still, some research suggests that lottery winners do tend to end up happier than others.

☆ Mega Millions Jackpot Tops $1 Billion. See How It Ranks Among the Biggest Prizes.
▼ + stars: | 2023-01-10 | by ( Alyssa Lukpat | ) www.wsj.com time to read: 1 min

The latest Mega Millions jackpot reached $1.1 billion this month, making it the fifth-biggest lottery prize in U.S. history, officials said. Mega Millions said the jackpot had been climbing since October, the last time someone won the prize. Nobody has selected the six winning numbers in 24 drawings, pushing the lottery prize past the billion-dollar mark.

☆ 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 $1.1 billion. How big winners can prep for 'the inevitable asking for money' from family, friends
▼ + stars: | 2023-01-10 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +4 min

Scott Olson | Getty ImagesIf you've never had family or friends hit you up for money, that is likely to change if you were to win the $1.1 billion Mega Millions jackpot. It also may make you a target for people who want a piece of your newfound wealth, experts say. When "the inevitable asking for money occurs," she said, "how can you make sure you feel comfortable saying yes or no?" Set up boundaries for money going to family, friendsFor sharing with family and friends, you also should set up parameters, Irwin said. "I think it's helpful to think about under what terms you would gift money," Irwin said.

☆ With no winner Mega Million jackpot climbs to $1.1B
▼ + stars: | 2023-01-07 | by ( Antonio Planas | Antonio Planas Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +1 min

No one claimed a winning $940 million Mega Millions jackpot Friday night — boosting the next drawing to more than $1 billion. No one has won the Mega Millions top prize since Oct. 14, when the jackpot was $502 million. The biggest Mega Millions jackpot ever won was a $1.5 billion prize in 2018. The largest lottery jackpot ever won in the U.S. was the $2.04 billion Powerball jackpot won in November. Mega Millions is played in 45 states as well as in Washington, D.C., and the U.S. Virgin Islands.

☆ Don’t sweat it; there's still a chance to win $940M Mega Millions
▼ + stars: | 2023-01-06 | by ( The Associated Press | ) www.nbcnews.com time to read: 1 min

DES MOINES, Iowa — Lottery players whose numbers didn’t hit or who forgot to even buy a ticket will have another shot at a nearly $1 billion Mega Millions prize when a drawing is held Friday night. The estimated $940 million jackpot has been growing for more than two months and now ranks as the sixth largest in U.S. history. The $940 million jackpot is for winners who choose an annuity, paid annually over 29 years. Winners usually want cash, which for Friday night’s drawing would be an estimated $483.5 million. Mega Millions is played in 45 states as well as in Washington, D.C., and the U.S. Virgin Islands.

☆ Mega Millions jackpot is $940 million: Here's what to do if you come into a large sum of money
▼ + stars: | 2023-01-06 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

The odds of winning the Mega Millions jackpot, which is now $940 million, is 1 in more than 300 million. While very few will experience that kind of windfall in their lifetime, the lottery isn't the only chance to come into sudden wealth. Whether it's an inheritance, sale of a property, bonus or even a tax refund, there are other ways to receive an unexpected sum in a lifetime. As a result, many people don't "have a firm understanding of how money can work for you." "Throw in any unexpected large sum of money, whether it be from a lotto winning, inheritance or significant bonus at work, and we'll typically see a few individuals end up worse than where they started," he added.

☆ Mega Millions jackpot surges to $785 million. If there's a winner, this is the tax bill
▼ + stars: | 2023-01-03 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +2 min

Anadolu Agency | Anadolu Agency | Getty ImagesMega Millions players may be daydreaming about what they'd do with an extra $785 million, the game's current jackpot amount. The lump-sum cash option — which most winners choose — for this jackpot is $403.8 million, as of midday Tuesday. $96.9 million in taxes would be shaved off cash optionAssuming you're like most winners and were to choose the cash option, a mandatory 24% federal tax withholding would reduce the $403.8 million by $96.9 million. The top federal income tax rate is 37% and applies to income above $578,125 for individual tax filers and $693,750 for married couples who file a joint tax return. There also could be state or local taxes depending on where the ticket was purchased and where you live.

☆ 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.

☆ The Mega Millions jackpot is $785 million. Taking the lump sum is 'typically a big mistake,' lottery lawyer says
▼ + stars: | 2023-01-03 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

This could be a very good year for one lucky winner of the fourth-largest jackpot in Mega Millions history. "The curse of the lottery losers is very real," said Andrew Stoltmann, a Chicago-based lawyer who has represented several recent lottery winners. One of the very first decisions a winner must make — whether to accept the jackpot as a lump sum or as an annuity — often ends up being their downfall, Stoltmann said. The upfront cash option — which most jackpot winners choose — for this drawing is $403.8 million, as of midday Tuesday. Still, "over 90% of winners take the immediate lump sum," Stoltmann said.

☆ The Mega Millions jackpot is $640 million. These are 4 key things to do if you actually win
▼ + stars: | 2022-12-30 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +3 min

That's the Mega Millions jackpot amount for the next drawing, set for Friday night. The top prize has been growing since Oct. 14 when it was reset to $20 million after two tickets — sold in Florida and California — matched all six numbers to split a $502 million jackpot. "People can lose tickets, and no ticket means no money." Build a team of advisorsWinning such a large amount of money means having some pretty weighty financial decisions to make. For this $640 million Mega Millions jackpot, the cash option — which most jackpot winners choose — is $328.3 million.

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