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☆ The Mega Millions jackpot hits $1.55 billion. What's the best payout option? Experts weigh lump sum vs. annuity
▼ + stars: | 2023-08-07 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

The Mega Millions jackpot hit a record $1.55 billion on Aug. 7, 2023. VIEW press | GettyThe Mega Millions jackpot has ballooned to an estimated $1.55 billion after months without a winner. If you pass away before collecting all 30 payments, Mega Millions will make the remaining payments on schedule to your designated beneficiary or your estate. Picking the lump sum payout is a 'big mistake'Andrew Stoltmann, a Chicago-based lawyer who has represented several lottery winners, says 95% choose the lump sum option, which he describes as a "big mistake." Tuesday's Mega Millions drawing comes about three weeks after a single ticket sold in California won Powerball's $1.08 billion jackpot.

Persons: Andrew Stoltmann, Tommy Lucas, Moisand Fitzgerald Tamayo Locations: Chicago, Orlando , Florida, California

☆ Mega Millions jackpot lottery climbs to $1.55 billion and could end up being the largest in its history
▼ + stars: | 2023-08-05 | by ( Katie Balevic | ) www.businessinsider.com time to read: +2 min

The Mega Millions jackpot may be the game's largest prize ever at an estimated $1.55 billion. The burgeoning jackpot is estimated to top $1.55 billion, according to a Mega Millions press release. The Mega Millions company brags that it is the only lottery game to have awarded four jackpots surpassing $1 billion. "With enthusiastic players across the country, many of whom are newcomers to the game, it is indeed likely that there will be a record Mega Millions jackpot," the press release said. The Mega Millions hype comes weeks after someone snagged a luxurious $1.08 billion Powerball jackpot.

Organizations: Service Locations: Atlanta , Georgia, Wall, Silicon, South Carolina, Atlanta

☆ Mega Millions jackpot climbs to $1.35 billion–here are the 10 biggest lottery prizes of all time
▼ + stars: | 2023-08-04 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

It's been the summer of billion-dollar jackpots, first with Powerball in July and now Mega Millions, which has risen to an estimated $1.35 billion ahead of Friday's draw at 11 p.m. If a ticket holder matches all five white balls and the gold Mega Ball, they'll win the fourth-largest U.S. lottery jackpot of all time. Here's a look at the all-time highest jackpots, as well as the state where winning tickets were purchased, according to Powerball and Mega Millions data:$2.04 billion Powerball jackpot — Nov. 7, 2022 (California) $1.586 billion Powerball jackpot — Jan. 13, 2016 (California, Florida, Tennessee) $1.537 billion Mega Millions jackpot — Oct. 23, 2018 (South Carolina) $1.35 billion Mega Millions jackpot — Aug. 4, 2023 (no winner yet) $1.348 billion Mega Millions jackpot — Jan. 13, 2023 (Maine) $1.337 billion Mega Millions jackpot — July 29, 2022 (Illinois) $1.08 billion Powerball jackpot — July 19, 2023 (California) $1.05 billion Mega Millions jackpot — Jan. 22, 2021 (Michigan) $768.4 million Powerball jackpot — March 27, 2019 (Wisconsin) $758.7 million Powerball jackpot — Aug. 23, 2017 (Massachusetts)Billion-dollar jackpots are rare: There have only been eight since both lotteries were established in the 1990s. To watch the draw live, check out the Mega Millions YouTube channel. Winners are announced on Mega Millions' website on Wednesday and Saturday mornings after winning tickets have been verified.

Persons: It's, they'll, Jan, ticketholders, Warren Buffett Organizations: Powerball, U.S, Mega Locations: California, Florida , Tennessee, South Carolina, Maine, Illinois, Michigan, Wisconsin, Massachusetts

☆ Didn't win the Mega Millions $1.05 billion jackpot? You can get a free doughnut from Krispy Kreme
▼ + stars: | 2023-08-02 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

Nobody won the Mega Millions $1.05 billion jackpot during Tuesday night's drawing. You're way more likely to be able to score your free doughnut than you were to win the jackpot, anyway. Your odds of hitting the Mega Millions jackpot? On Friday August 4, the Mega Millions jackpot is expected to be around $1.25 billion, the fourth-largest in the game's history. Mega Millions did already have a billion-dollar jackpot winner once this year, back in January.

Persons: Nobody, It's Organizations: Mega Locations: Krispy

☆ More than $1 billion up for grabs in US Mega Millions lottery drawing
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

An electronic message board displays Powerball and Mega Millions lottery jackpots in New York City, New York, U.S., July 17, 2023. REUTERS/Mike Segar/File PhotoAug 1 (Reuters) - An estimated $1.1 billion jackpot is up for grabs in the multistate Mega Millions drawing on Tuesday night, one of the richest jackpots in the lottery's history. The drawing, set for 11 p.m. EDT, is the 30th since the last Mega Millions winner hit the jackpot in April. The odds of winning are minuscule: A buyer of a single Mega Millions lottery ticket has about a 1-in-300 million chance of containing all the correct numbers. Mega Millions tickets are available in 45 U.S. states along with Washington D.C. and the U.S. Virgin Islands.

Persons: Mike Segar, Rich McKay, Gerry Doyle Organizations: Mega, REUTERS, South Carolina, Washington D.C, U.S ., Thomson Locations: New York City , New York, U.S, South, California, U.S . Virgin Islands, Alabama, Alaska, Hawaii , Nevada, Utah, Atlanta

☆ Mega Millions jackpot tops $1 billion, making it one of the largest lottery prizes in US history
▼ + stars: | 2023-07-29 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +2 min

The Mega Millions jackpot soared to over $1 billion after no big winner was declared in Friday's draw. The next estimated jackpot now stands at $1.05 billion, which would make it the fourth-largest Mega Millions prize ever offered, the lottery said in a press release on Saturday. According to the lottery, there are nine different ways to win a prize in the Mega Millions draw, ranging from $2 to the jackpot. The huge prize follows a $1.08 billion Powerball winner earlier this month, which was the sixth-largest lottery win ever and the third-largest Powerball win. The largest lottery win of all time belongs to Edwin Castro, who took home $2.04 billion after winning the Powerball jackpot in November 2022.

Persons: Sarai Palacios, Nabor Herrera, hadn't, I'm, Palacios, Edwin Castro Organizations: Service, Mega Locations: Friday's, Wall, Silicon, Pennsylvania, Arizona , California, New York

☆ The 'difference between being frugal and cheap': 3 things an early retiree refuses to spend money on
▼ + stars: | 2023-07-28 | by ( Ryan Ermey | ) www.cnbc.com time to read: +2 min

Here are three things Adcock refuses to spend money on. Lottery tickets and gamblingYou won't find Adcock daydreaming about the Mega Millions jackpot, because he won't be in the running. There are people who probably make money gambling, but I would never bet a dime," he says. Extended warrantiesAdcock won't allow himself to be upsold into an extended warranty — a common offer for household appliances and electronics sold at big box stores. "You can put a little money aside every month, and essentially you're building your own extended warranty," he says.

Persons: Steve Adcock, Courtney, Adcock, Adcock daydreaming, It's Organizations: Mega

☆ 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

☆ Boys lie: How a 'Vanderpump Rules' 'Scandoval' caused this business to boom
▼ + stars: | 2023-07-24 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Earlier this year, when Bravo's "Vanderpump Rules" star Tom Sandoval cheated on his long-time girlfriend Ariana Madix with their co-star and real-life friend, Raquel Leviss, it reverberated from social media to front-page news. Madix summed up the cheating scandal, dubbed "Scandoval," well, stepping out days later on her way to tape the highly anticipated "Vanderpump Rules" reunion in a yellow hoodie and matching sweatpants from the clothing brand Boys Lie. A business born on InstagramTori Robinson and Leah O'Malley, co-founders of Los Angeles-based Boys Lie. Most people, particularly millennials and Gen Zers, have spent money they weren't originally planning to on products they saw in their social media feeds, several studies show. What's next for Boys Lie

Persons: Tom Sandoval, Ariana Madix, Raquel Leviss, Madix, Tori Robinson, Leah O'Malley, Robinson, O'Malley, Franklin, Tori Spelling, Dean McDermott, influencers, Instagram Tori Robinson, Gen Zers, What's Organizations: Los, Finance Locations: Los Angeles

☆ A woman claiming to be the winner of the $1.08 billion Powerball jackpot was lying and 'just wanted to be on TV,' store owner's granddaughter says
▼ + stars: | 2023-07-23 | by ( Ella Hopkins | ) www.businessinsider.com time to read: +2 min

A woman was accused of falsely claiming to win the Powerball jackpot — the third largest ever won. Video footage shows the woman crying with joy at the LA store that sold the winning ticket. But the granddaughter of the store owner said the winner has yet to come forward. California Lottery confirmed on Thursday that the store had sold the winning ticket, which is the third-largest Powerball jackpot — and the sixth-largest US lottery jackpot — ever won. Californian Edwin Castro won a record $2 billion Powerball Jackpot last year, with a ticket purchased 13 miles from Herrera's store, the Mail reported.

Persons: Sarai Palacios, Nabor Herrera, hadn't, I'm, Palacios, she'd, Herrera, Edwin Castro Organizations: Service, Daily Mail, Mail, California Lottery, Inside, CAL Locations: Wall, Silicon, Herrera's

☆ The store owner who sold $1 billion Powerball ticket plans to take his family on a vacation to Mexico with the $1 million reward
▼ + stars: | 2023-07-22 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

An LA convenience store owner will get a $1 million reward for selling the winning Powerball ticket. Nabor Herrera told K-CAL News he plans to take his family on a vacation to Cabo San Lucas. On Thursday, Powerball confirmed that someone in California had picked the correct numbers to scoop the $1.08 billion jackpot. This was the third-largest sum in Powerball's history, after a $2.04 billion jackpot last year. Herrera, who has four children, told K-CAL he plans to take his family on a vacation to Cabo San Lucas, Mexico with some of the winnings.

Persons: Nabor Herrera, Cabo San, Herrera, he'd, Joseph Chahayed, Palmitas's Herrera Organizations: CAL, Service, Downtown, Powerball Locations: LA, Cabo, Cabo San Lucas, Wall, Silicon, Angeles, California, Mexico

☆ Powerball Ticket Sold in Los Angeles Wins $1 Billion Jackpot
▼ + stars: | 2023-07-20 | by ( ) www.wsj.com time to read: 1 min

McSpaghetti? Inside McDonald’s International Menu StrategyWhile McDonald’s is well known for its burgers across the world, it has menu items in other countries that you won’t find anywhere else. Here’s how the fast-food chain crafts its unique global menus and why localizing them is key to its success. Illustration: Annie Zhao

Persons: Annie Zhao

☆ Billion-dollar US Powerball ticket sold in California
▼ + stars: | 2023-07-20 | by ( Rachel Nostrant | ) www.reuters.com time to read: +1 min

July 20 (Reuters) - A very lucky Powerball player in Southern California has won the multistate lottery's $1 billion jackpot prize, ending a streak of 38 consecutive drawings without a grand prize winner. It was just the third time the Powerball jackpot prize has reached $1 billion. The winning ticket holder has yet to come forward, the California Lottery said in a statement, but the ticket was sold at Las Palmitas Mini Market in Los Angeles. Thirty-six other tickets sold across the country won million-dollar prizes, while an additional three won $2 million prizes, according to the Powerball website. Now that a winning ticket has been drawn, the jackpot will be reset to $20 million.

Persons: Rachel Nostrant, Matthew Lewis Organizations: Wednesday, California Lottery, Las, Mega, Thomson Locations: Southern California, Los Angeles, New York

☆ A winning ticket for the $1.08 billion Powerball jackpot was sold—what Mark Cuban says the winner should do next
▼ + stars: | 2023-07-20 | by ( Mike Winters | ) www.cnbc.com time to read: 1 min

After three months without a winner, a lucky ticket holder in California has finally won the $1.08 billion Powerball jackpot — the third-highest in history. The winner now has a choice of an annuitized prize of $1.08 billion or a lump sum payment of $558.1 million. The annuity payout is spread out over 30 years, while the lump sum is paid right away. Most winners choose the lump sum payout, even though it's less than half of the jackpot's listed amount, because those funds can be reinvested right away, rather than incrementally over 30 years. However, Mark Cuban, self-made billionaire and star of ABC's "Shark Tank," has a different take on what the winner should do with the money.

Persons: Mark Cuban Locations: California, Los Angeles

☆ 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

☆ Winning ticket for Powerball’s $1.08 billion jackpot sold in California — here’s how much the winner will owe in taxes
▼ + stars: | 2023-07-20 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

The Powerball jackpot reached $1.08 billion on July 19, 2023. Joe Raedle | GettyIt's official: There's a winner for the $1.08 billion Powerball jackpot — and the taxman will take a hefty cut. Last-minute ticket sales pushed the jackpot to $1.08 billion from $1 billion. The winner can choose between a 30-year annuitized prize of $1.08 billion or a lump sum payment of $558.1 million. If they choose the $558.1 million cash option, the 24% withholding automatically reduces the prize by about $134 million.

Persons: Joe Raedle, John Loyd, Loyd Organizations: Getty, State Lottery Association Locations: California, Fort Worth , Texas

☆ Powerball jackpot: A ticket sold in California has won the $1.08 billion grand prize
▼ + stars: | 2023-07-20 | by ( Nouran Salahieh | ) edition.cnn.com time to read: +2 min

CNN —A ticket sold in California has won the $1.08 billion Powerball jackpot in Wednesday night’s drawing – among the largest in the game’s history, according to Powerball’s website. The ticket was sold at Las Palmitas Mini Market in downtown Los Angeles, according to the California Lottery. Wednesday’s prize ranks as the seventh largest US lottery jackpot and third largest Powerball jackpot, behind the world record $2.04 billion Powerball jackpot won last year in California, and the $1.586 billion Powerball jackpot won in 2016, according to the lottery. Though a single ticket won the jackpot, players are being advised to check their tickets on the chance they won one of the other prizes. “Congratulations to our newest Powerball jackpot winner and the California Lottery!” said Drew Svitko, Powerball Product Group Chair and Pennsylvania Lottery Executive Director.

Persons: Wednesday’s, ”, Drew Svitko, –, California –, didn’t Organizations: CNN, Las, California Lottery, Pennsylvania, Powerball, ” Locations: California, Los Angeles, Ohio

☆ 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

☆ $1 billion Powerball jackpot is up for grabs. Here’s what the winner could owe in taxes
▼ + stars: | 2023-07-19 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Scott Olson / GettyThe Powerball jackpot has ballooned to an estimated $1 billion, raising the stakes for the next drawing at 10:59 p.m. It's the third-biggest prize in the game's history — falling behind the record $2.04 billion jackpot in November and $1.586 billion prize from 2016, according to the Multi-State Lottery Association. More than $124 million immediately goes to the IRSBefore seeing a penny of the jackpot, winners pay a sizable tax withholding. However, Loyd warns the 24% withholding won't cover the entire tax bill because the prize pushes the winner into to the 37% tax bracket. After the 24% federal withholding, the jackpot winner's tax bill depends on several factors but could easily represent millions more.

Persons: Scott Olson, John Loyd, Loyd Organizations: State Lottery Association, IRS Locations: Fort Worth , Texas

☆ 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

☆ Powerball is fun, but here are 3 better ways to increase your wealth
▼ + stars: | 2023-07-19 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

New York CNN —There are zero things wrong with fantasizing about winning tonight’s billion-dollar Powerball jackpot drawing. And dropping $5 to $10 to buy lottery tickets or scratch-offs on occasion can be considered entertainment spending. Yet Americans spent nearly $108 billion on lottery tickets last year, according to the North American Association of State and Provincial Lotteries. If that’s the case for you, why not spend most of your lottery money on experiences you know you like doing now. Think of it this way: Let’s say you spend $35 a week on lottery tickets ($1,820 a year).

Persons: ”, Tiffany Aliche, ” Aliche, — CNN’s Chris Isidore Organizations: New, New York CNN, North American Association of State, Provincial, TheBudgetnista.com, Richer Academy Locations: New York

☆ US Powerball jackpot hits $1 billion
▼ + stars: | 2023-07-18 | by ( Rachel Nostrant | ) www.reuters.com time to read: +2 min

July 18 (Reuters) - The U.S. Powerball jackpot has reached a whopping $1 billion for only the third time in the game's history after another Monday night drawing produced no winning ticket. The Monday drawing was the 38th in a row without someone winning the top prize, which increases every time the jackpot goes unclaimed. The odds of winning the jackpot are one in 292.2 million, according to the Powerball website. The last winning jackpot ticket was picked on April 19, for a grand prize of $252.6 million. The largest Powerball jackpot ever won was in November, when a California man drew the lucky numbers for $2.04 billion.

Persons: David Shanosky, Shanosky, Rachel Nostrant, Matthew Lewis Organizations: U.S, New, RLI Insurance, Powerball, of Columbia, U.S ., Thomson Locations: Arkansas , Georgia, Texas, Connecticut , Florida , Kentucky, New York, Pennsylvania, California, of Columbia , Puerto Rico, U.S, U.S . Virgin Islands

☆ Powerball jackpot hits $900 million. Here's the tax bill if you win
▼ + stars: | 2023-07-17 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Justin Sullivan | Getty ImagesThe Powerball jackpot has soared to an estimated $900 million after Saturday's drawing went by without a winner. If you choose the $465.1 million cash option, the 24% withholding automatically reduces your prize by roughly $111.6 million. "The 24% [withholding] is not the only tax bill" because the highest federal tax bracket includes another 13%. You calculate taxable income by subtracting the greater of the standard or itemized deductions from your adjusted gross income. The jackpot winner's remaining tax bill after the 24% federal withholding depends on several factors but could easily represent millions more.

Persons: Justin Sullivan, It's, John Chichester Jr, Chichester, it's Organizations: Chichester Financial Group, IRS Locations: Phoenix

Lara and Roger Griffiths bought their dream home … and then life fell apart. The Daily MailBefore they won a $2.76 million lottery jackpot in 2005, Lara and Roger Griffiths, of England, reportedly never argued. Then they won and bought a million-dollar barn-converted house and a Porsche, not to mention luxurious trips to Dubai, Monaco, and New York City. Shortly after, there were claims that Roger drove away in the Porsche after Lara confronted him over emails suggesting that he was interested in another woman. That ended their 14-year marriage.

Persons: Lara, Roger Griffiths, Roger Organizations: Daily, Porsche, New York City . Media Locations: England, Dubai, Monaco, New York City

☆ Powerball jackpot climbs to $875 million. Here’s how much the winner could pay in taxes
▼ + stars: | 2023-07-14 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

If you choose the $441.9 million cash option, the 24% withholding automatically reduces your prize by roughly $106 million. "The 24% [withholding] is not the only tax bill" because the highest federal tax bracket includes another 13%. Here's how federal tax brackets workWhile inflation increased the federal income tax brackets for 2023, millions from the lottery still pushes the winner into the 37% bracket. You calculate taxable income by subtracting the greater of the standard or itemized deductions from your adjusted gross income. The jackpot winner's remaining tax bill after the 24% federal withholding depends on several factors but could easily represent millions more.

Persons: Scott Olson, John Chichester Jr, Chichester, it's Organizations: Chichester Financial Group, IRS Locations: Phoenix

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