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☆ Trump tax returns show former president was subject to $10,000 SALT cap — but experts say he may have sidestepped the limit
▼ + stars: | 2022-12-30 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

A 2017 tax law capped SALT deductions at $10,000The House Ways and Means Committee's release of six years of Trump's tax returns follows a lengthy fight over making them public. New state rules provide a SALT workaroundHowever, the income tax returns don't provide the full picture, experts said. Here's why: Many states issued rules after 2017 that offer a workaround to certain business owners impacted by the $10,000 SALT cap. The workarounds would apply to business income Trump derived from partnerships, S corporations and some LLCs after 2017. While it's likely Trump leveraged these tax rules, it's impossible to know without additional information like business tax returns if he did and the extent to which he may have benefited, experts said.

☆ Mega Millions jackpot surpasses estimated $565M
▼ + stars: | 2022-12-27 | by ( The Associated Press | ) www.nbcnews.com time to read: +1 min

The holiday shopping season — for Mega Millions lottery ticket buyers, at least — is ramping up as officials say the estimated jackpot for Tuesday night’s drawing has surpassed half a billion dollars. Tickets sold in California and Florida for an Oct. 14 drawing shared the last Mega Millions jackpot of $502 million. Lottery officials say there have been 11 winning jackpots of $500 million or more since Mega Millions began in 2002. The record Mega Millions jackpot is more than $1.5 billion, won in 2018, and a jackpot surpassing $1.3 billion was won in Illinois in July. The largest U.S. lottery jackpot ever won was $2.04 billion in November.

The Mega Millions jackpot has climbed to an eye-popping $565 million after no ticket matched all six numbers drawn last week, the lottery announced Saturday. If somebody wins at the next drawing, the jackpot would be the sixth-largest prize in the 20-year history of the game, Mega Millions announced in a news release on its website. No ticket matched all six winning numbers, but two tickets sold in California and Illinois matched five of them and nabbed the game's second-biggest prize. The Mega Millions jackpot was last won on Oct. 14, when tickets sold in California and Florida shared a $502 million prize. The odds of winning the Mega Millions lottery are 1 in 302 million, according to the website SmartLuck.

☆ You Might Not Want to Win a Roman Lottery
▼ + stars: | 2022-11-26 | by ( Amanda Foreman | ) www.wsj.com time to read: 1 min

Historian Amanda Foreman searches the past for the origins of today’s world. Someone in California won this month’s $2.04 billion Powerball lottery—the largest in U.S. history. The odds are staggering. The likelihood of death by plane crash (often estimated at 1 in 11 million for the average American) is greater than that of winning the Powerball or Mega Millions lottery (1 in roughly 300 million). Despite this, just under 50% of American adults bought a lottery ticket last year.

☆ $2.04 billion Powerball jackpot is now the largest prize in history—here are the top 5 so far
▼ + stars: | 2022-11-10 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +5 min

The $2.04 billion Powerball jackpot finally found a winner on Tuesday morning, after technical difficulties delayed the drawing that had been scheduled to take place on Monday. The massive prize marked the fifth time in the past five years that a lottery jackpot has crossed the billion-dollar threshold — and this one was a world record. That one was also a Powerball drawing that reached $1.586 billion and was split between three winning tickets. $1.59 billion (Powerball)This Powerball drawing from Jan. 13, 2016, for which three winning tickets were sold, held the record as history's biggest lottery prize for more than six years, until this week's Powerball drawing dropped it down a spot. $1.34 billion (Mega Millions)The first billion-dollar jackpot of 2022 topped $1.3 billion before it found a winner in July.

☆ Why these five states don’t sell lottery tickets
▼ + stars: | 2022-11-09 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

Since 1964, when New Hampshire became the first to offer a state lottery, 44 states have started their own or joined multi-state jackpots. More than 200,000 retail stores and other outlets in the United States sell lottery tickets. That’s because when one state adds a lottery, people often flood across state lines to buy tickets. Recently, states that have adopted lotteries have emphasized that sales from tickets will go to social programs. The people likeliest to buy tickets are often the same ones who most rely on these government programs, he said.

The Powerball numbers in the record $2.04 billion drawing were announced Tuesday morning after lottery officials said there was a delay Monday night. The winning numbers were 10, 33, 41, 47, 56 and the Powerball was 10, with the drawing taking place just before 9 a.m. Powerball requires all 48 participating lotteries to submit their sales and play data before the winning numbers can be selected. The last winning Powerball ticket was drawn Aug. 3 by a lucky Pennsylvanian. Three winning tickets were sold in California, Florida and Tennessee in a $1.58 billion Powerball in 2016.

Monday night's Powerball jackpot is expected to reach a world-record $1.9 billion, following more than three months of draws without winners, game officials said. No one matched all six numbers drawn in the most recent game on Saturday — white balls 28, 45, 53, 56, 69 and the red Powerball 20. The last winning Powerball ticket was drawn on Aug. 3 by a lucky Pennsylvanian. A lone South Carolina player had the winning ticket of a $1.53 billion Mega Millions game South Carolina in 2018. There were three winning tickets, sold in California, Florida and Tennessee, in a $1.58 billion Powerball in 2016.

☆ Powerball used to have a jackpot limit. Then it exploded
▼ + stars: | 2022-11-07 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

New York CNN Business —The Powerball lottery jackpot is expected to hit $1.9 billion for Monday’s drawing, making it the largest lotto prize ever. But in 1987 when Lotto America, the precursor to Powerball, was introduced, organizers prohibited jackpots of more than $80 million. ”This is a whole new ballgame” Lotto America spokesman Jack Ratigan said at the time. These changes have pushed Powerball jackpots way up. Lotteries are regressive, meaning lower-income groups spend more of their budgets on lottery games than higher-income groups.

☆ The $1.6 billion Powerball jackpot is now the largest ever—here are the top 5 so far
▼ + stars: | 2022-11-04 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +5 min

Once again, a lottery jackpot has crossed the billion-dollar threshold — the fifth time in the past five years — and this one is a world record. Saturday's Powerball drawing now has a jackpot of $1.6 billion, the largest ever, after no winners were announced for Wednesday night's $1.2 billion drawing. That one was also a Powerball drawing that reached $1.586 billion and was split between three winning tickets. $1.34 billion (Mega Millions)As mentioned above, the record Powerball drawing is already the second billion-dollar jackpot of 2022. $768.4 million (Powerball)

☆ The Fed's interest rate hikes helped make this weekend's $1.6 billion Powerball prize the largest lottery jackpot in US history
▼ + stars: | 2022-11-04 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

This weekend's $1.6 billion Powerball prize is the largest lottery jackpot in US history. The Federal Reserve's interest rate hikes are a key reason the headline prize is so high. In comparison, the lump sum prize for Saturday's lottery would only be approximately 49% of the $1.6 billion. So in some ways, the Fed is one reason Saturday's headline Powerball jackpot is the highest ever. This week, it surpassed the $1.54 billion Mega Millions jackpot in 2018 and the $1.59 billion Powerball jackpot in 2016.

An Illinois resident claimed a winning Mega Millions ticket worth $1.28 billion in August. Here's how some of the revealed winners splashed their cash on when they found out they were rich. And on Wednesday, the Powerball Jackpot shot up to $800 million after it was announced that no one had purchased the winning ticket. In fact, many lottery winners end up blowing it all. Here are the first things 14 different lottery winners splashed their cash on.

How Brazil’s Leader Built the Myth of Rigged Elections By Jack Nicas, Flávia Milhorance and Ana Ionova Produced by Gray Beltran Leer en españolFor years, President Jair Bolsonaro has attacked Brazil’s election systems. Yet in speeches, interviews and hundreds of posts on social media, the president has consistently and methodically repeated those baseless claims and many others about Brazil’s voting system. At the time, he suggested that the election’s results could not be trusted because of the voting machines. He showed a video from a programmer who claimed to demonstrate how voting machines were hacked in 2018. (Experts and fact-checkers said the video was riddled with errors, including a fundamental misunderstanding of how the voting system works.)

☆ A winning $494 million Mega Millions ticket sold in Fort Myers weeks after Hurricane Ian battered the area
▼ + stars: | 2022-10-18 | by ( Minyvonne Burke | Minyvonne Burke Is A Senior Breaking News Reporter For Nbc News. | ) www.nbcnews.com time to read: +2 min

A winning Mega Millions ticket sold in Fort Myers, Florida, is offering a glimmer of hope to an area still struggling to rebuild weeks after Hurricane Ian unleashed a fury of destruction and devastation. Two lucky Mega Millions tickets matched all six numbers in Friday's drawing — 9, 22, 26, 41, 44 and the Mega Ball 19 — for a prize totaling $494 million. One ticket was sold in California and the other at a 7-Eleven convenience store on Colonial Boulevard in Fort Myers, the Florida Lottery announced Monday. One resident said she hopes the Mega Millions winner will give some of the money to a local charity to help people still struggling to get on their feet. Another resident said she was just happy that there was some good news coming from the Fort Myers area.

☆ Mega Millions jackpot is nearly $500 million—here's how much you'd need to quit your job and retire early
▼ + stars: | 2022-10-14 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +1 min

Winning enough money to never have to work again might be reason enough to shell out a few dollars for lottery tickets — and the Powerball and Mega Millions jackpots are currently worth nearly $1 billion combined. But horror stories of lottery winners who mismanaged their jackpots and ended up losing it all abound. You might rightly wonder: How large of a jackpot would actually be enough to support you for the rest of your life? Pagliarini is a certified financial planner who specializes in advising lottery winners on how to manage their sudden wealth. How big of a jackpot do you need to quit your job and retire early?

☆ Powerball's jackpot is now $420 million and Mega Millions' top prize is $494 million. Here's how to handle a huge windfall
▼ + stars: | 2022-10-12 | by ( Sarah O'Brien | Nicole Webb | Senior Vice President Financial Advisor At Wealth Enhancement Group | ) www.cnbc.com time to read: +3 min

Powerball's jackpot is an advertised $420 million for Wednesday night's drawing. Mega Millions' top prize is even more: $494 million for the next pull, set for Friday night. Of course, the chance of a single ticket matching all six numbers drawn in either game is tiny: 1 in 292 million for Powerball and 1 in 302 million for Mega Millions. Nevertheless, it's worth giving thought to what you'd do if you were to beat the odds and land such a windfall. The process of figuring out how to handle a huge amount of money can take several months, Stanzak said.

☆ Mega Millions jackpot is $410 million. Here are 3 key things to do if you win
▼ + stars: | 2022-10-07 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

There's a chance that a Mega Millions player is going to wake up Saturday morning with a $410 million windfall in their lap. That's the advertised jackpot amount for the lottery game's next drawing, set for Friday night. It's the third time this year the top prize has crossed the $400 million mark, but the amount remains far below the $1.34 billion jackpot won in July. Powerball's jackpot isn't far behind for its Saturday night drawing: $378 million. While stress from winning a life-changing amount of money may be tricky to avoid, there are three key things you can do right out of the gate to protect your winnings.

☆ 2 people will split the $1.3 billion Mega Millions jackpot—here's how much they'll actually take home after taxes
▼ + stars: | 2022-09-22 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

They wish to remain anonymous, only to say that they were "over the moon" about winning the jackpot, lottery officials say. Despite the reduced payout and upfront tax costs, a lump sum payment is the most commonly chosen payout. After taxes, the total payout comes to about $453 million between the two winners, or $250 million each. That's because with the lump sum option, the $780.5 million payout would be subject to a 37% federal income tax, the highest bracket for top earners. The odds of winning the Mega Millions jackpot are 1 in 302.5 million, according to MegaMillions.com.

☆ Two people claim the $1.34B Mega Millions jackpot and vow to split the prize, Illinois lottery says
▼ + stars: | 2022-09-21 | by ( The Associated Press | ) www.nbcnews.com time to read: +1 min

The Illinois Lottery said the prize was claimed by two individuals who had agreed to split the prize if they won. The winners wish to remain anonymous, and the Illinois Lottery said it was unable to share any information about the winners except to say that they must be absolutely “over the moon” with their Mega Millions win. Lottery officials said the winners opted to take the lump sum payment of $780.5 million. “These winners are now in the enviable position of deciding what to do with their newfound fortune,” said Illinois Lottery Director Harold Mays. The jackpot was the nation’s third-largest lottery prize.

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