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How much is the Mega Million jackpot?

The Mega Millions jackpot is currently at an estimated $345 million for the drawing on December 8th, 2020. The estimated cash option prize for the drawing is $269. 8 million before taxes. Mega Millions drawings are held Tuesdays and Fridays at 11:00 p.

m. Eastern Time. To play Mega Millions, you must pick five white balls from a drum of 1 to 70 and one gold Mega Ball from a second drum containing 1 to 25 numbers. If all of your numbers match the winning numbers that are drawn, you can win the jackpot!.

How long does it take to get paid if you win the Mega Millions?

If you win the Mega Millions lottery, it can take anywhere from several days to several weeks to get your money. All lottery winners must first validate their identity, such as providing a Social Security number and valid photo ID, to ensure you are the rightful winner of the prize.

After this process is completed, winners have the option of receiving the full prize in one lump-sum or in 30 graduated payments over 29 years.

If you choose to receive the full prize in one lump-sum payment, you will typically receive the funds within a few days of completing the validation process, depending on the size of the jackpot and the methods used to process the payment.

If you choose to receive the money in 30 graduated payments over 29 years, you will likely receive the first payment within a few weeks of validating your identity. Subsequent payments occur on the same day of each month but may be delayed if that day falls on a weekend or holiday.

It is important to note, however, that all states have unique payment processing times and procedures which vary depending on the size of the jackpot, the method of payment, the rules and procedures of the jurisdiction, and other factors.

Therefore, the exact timeline for receiving your winnings ultimately depends on the jurisdictional lottery you are playing.

Is it better to take the annuity or lump sum?

Whether it is better to take the annuity or lump sum will depend on a variety of factors. Generally, if you need a steady income over time and don’t want to worry about investment risk, then taking the annuity is usually the best option.

The annuity provides a steady income for a fixed period of time (e. g. , for the rest of your life) and can reduce the risk of outliving your money. On the other hand, if you have an investment plan and are comfortable taking on risk in order to potentially generate higher returns, then a lump sum may be a better option.

With the lump sum, you have the flexibility to invest the money however you choose, which can potentially lead to higher returns.

The choice also depends on other factors, such as your risk tolerance, investment goals, time horizon, financial needs, age, and state of health. Consider consulting with a qualified financial advisor to discuss which option is best for you and your situation.

What is the first thing you should do if you win the lottery?

If I won the lottery, the first thing I would do is to make sure I am completely set up to collect my winnings. Specifically, I would get legal advice to make sure I am claiming the money in an appropriate and secure way that protects it from any potential tax liabilities, litigation, or other potential issues.

Second, I would continue to play it safe by creating a specific plan for how I would use the funds. This would include setting up separate accounts for investing, donating, and spending, as well as deciding what spending decisions I will make with the money (e.

g. , house, car, travel, etc. ). Third, after organizing my finances, I would ensure that I have a trusted financial advisor, accountant, and tax preparer to help me manage and protect my winnings. All of these steps would then finally culminate in me being able to begin enjoying my winnings without putting them in jeopardy.

How do you give money to family after winning the lottery?

Giving money to family after winning the lottery is a decision that should be approached with thoughtfulness and care. It’s important to consider the viewpoint of both yourself and the family members you will be gifting.

Here are a few suggestions for distributing funds to family when you win the lottery:

1. Create a plan and budget: Before you distribute any funds, create a plan and budget for yourself and the family members you will be giving money to. Consider how much money you would like to keep back to sustain your lifestyle, and then determine how to divide the rest among family members.

2. Stick to the plan: It’s important to stick to the budget that was created and avoid giving in to family members’ demands for more, particularly if it is not in the budget plan. Remember, you have earned the lottery winnings and should be thoughtful in how you use the resources, including when deciding how much money to gift family members.

3. Gift strategically: Consider gifting family members in a manner that allows them to build on wealth and grow as an individual. Look for opportunities to empower them financially and motivate them to manage their money wisely.

Examples of strategic gifting could include investments, higher education tuition and start-up funds for a business.

4. Don’t forget about taxes: When gifting money after winning the lottery, it’s important to consult a tax advisor and understand the tax implications that could arise. Tax may be due on any money gifted after exceeding the annual exclusion (which is currently $15,000 per person).

Ultimately, distributing any money received from a lottery win should be handled in a thoughtful and strategic manner. It’s important to consider everyone’s perspective and established guidelines before giving funds away to family.

Can Mega Millions annuity be inherited?

Yes, Mega Millions annuity can be inherited. The individual who purchases the winning ticket may designate a beneficiary or beneficiaries to receive any proceeds from the annuity. If the original holder of a winning ticket passes away prior to receiving all of their prize money, the remaining payments and accumulated interest can be transferred to their designated beneficiary.

The beneficiary must provide proof of identity and their relationship to the original ticket holder. The Mega Millions annuity is typically paid out in 30 annual payments, so it is important to consider that when deciding how to proceed with the inheritance.

What happens if you get the Mega Ball number only?

If you get the Mega Ball number only, it will depend on the game and the state lottery in which you are playing. In some state lotteries, if you get the Mega Ball number only, you may not have a winning ticket.

In others, you may be able to win a lesser prize such as a free ticket for the next drawing, or a small amount of money based on the set prize for getting the Mega Ball number only. In the Mega Millions and Powerball lottery games, you must match at least the Mega Ball number plus one of the other numbers (white balls) to win a prize.

Should you take the lump-sum or annuity Mega Millions?

When deciding if you should take the lump-sum or annuity Mega Millions, there is no right or wrong answer and it is largely dependent on your individual situation. Both options have their own set of benefits and drawbacks that need to be considered:

The lump sum option is best if you want the full value of your prize immediately and don’t want to worry about managing and investing the funds. On the downside, you will get a lower payout than you would with an annuity, as taxes are taken out upfront.

This means you may end up getting 60-70% of the total prize amount.

The annuity option, on the other hand, gives you a larger payout over time, as taxes are only taken out on the portion of the prize you receive each year. This can be beneficial if you plan to have your prize income last multiple generations, as it provides fixed payments that can be given away or invested over time.

On the downside, annuities take years to complete and you can’t access the full amount until the end of the entire annuity period.

Ultimately, it is important to think about all of the pros and cons for each option and consult a financial advisor if possible before making your decision.

How much do you win if you get one number on Mega Millions?

If you get only one number correct on the Mega Millions lottery, you will win the “Mega Ball Match 5” prize, which is a set amount of $2. This prize is different from the “Match 5” prize, which requires you to have matched all 5 main numbers plus the Mega Ball, and is worth $1,000,000.

So, if you get just one number correct, you will win the “Mega Ball Match 5” prize of $2.

How is lottery lump-sum calculated?

Lottery lump-sum calculations are determined based on the face value of the annuity and the number of payments to be received. The annuity is the total value of the prize which is divided by the total number of payments to be received over a set period of time.

For example, if the face value of an annuity was $1 million dollars and the winner had chosen to receive 20 payments of $50,000, the lump-sum calculation would be $1 million divided by 20, resulting in a lump-sum payment of $50,000.

The lump-sum payment is determined by the state lottery commission and is typically lower than the face value of the annuity. This is because the lottery commission is accounting for potential inflation, the period of time in which the payments will be received, and the charge that is associated with managing the annuity fund.

The lump-sum option is attractive to many lottery winners because it allows them to collect their prize money quickly and avoid the potential pitfalls that are associated with managing a long-term annuity.

However, the lump-sum payment is a one-time payment, which means the winner will not have the long-term financial protection that an annuity can provide. It is important for lottery winners to make sure they have explored all of their options before making a decision about how to receive their prize money.

Did anyone win the Mega Million drawing last night?

Yes, last night’s Mega Million drawing resulted in one very lucky ticket holder winning the huge jackpot of $550 million. The winning ticket was purchased in Wisconsin and matched all six numbers (13, 18, 24, 33, 51, and Mega Ball 7) to claim the mega-prize.

Along with the jackpot winner, there were other big winners as well; three second-prize winning tickets matched the first five white balls but not the Megaball. Those tickets were sold in Michigan, Minnesota and New Jersey and are each worth $1 million.

It’s unlikely the jackpot-winning ticket was purchased in the name of an individual, as state lotteries across the country are likely to issue the winning prize to a trust or holding company. The lucky winner has 180 days to come forward to claim their prize.

Until then, it’s still a mystery who this lucky person is and how they plan to spend the winnings!.

Where was the last winning Mega Millions sold?

The last winning Mega Millions ticket was sold at Marietta Liquor & Deli in Marietta, Ohio on March 27, 2019. The winning ticket matched all six numbers (08-12-20-21-47, Mega Ball-15) to win the Mega Millions jackpot of $50 million.

The ticket holder, who chooses to remain anonymous, opted for the cash option of $33 million. Marietta Liquor & Deli was awarded a $30,000 bonus for selling the ticket.

Did Anyone ever claim the 1 billion Dollar Lottery?

Yes, in January of 2016 a man from Massachusetts became the sole winner of the Powerball lottery, claiming the record-breaking jackpot of nearly $1. 58 billion. The man, who chose to remain anonymous, elected to take the one-time cash payout of $806.

7 million before taxes. Although the jackpot was the largest lottery prize ever won in the U. S. , it was not the largest in the world. That record goes to a 2016 EuroMillions winner, who took home €190 million, or $215 million (at the time).

Who won the jackpot?

The jackpot winner was grandma Agnes from Texas! Grandma Agnes won the jackpot after picking the correct numbers on her lottery ticket. Grandma Agnes is now $50 million richer and is looking forward to a life of luxury.

She plans to take her family on a nice vacation and put some of her winnings into investments. She also plans to give back to her local community and do some charity work. Congratulations to Grandma Agnes on her big win!.

How do lottery winners deposit their money?

Lottery winners typically need to contact the state lottery commission or office in order to properly deposit their money. Depending on the state, the winner may need to come into the office or the commission may mail a check.

Before the checking can be cashed, an identity verification must be completed.

Once the lottery commission has verified the winner’s identity, the money can be deposited into the lottery winner’s bank account. This is usually done through an electronic funds transfer and the money should be available in the account within three business days.

If the lottery winner would rather keep the money in cash, they may be able to collect it in person at the lottery office. The amount of cash a lottery winner is allowed to withdraw depends on the individual state’s regulations.

The lottery office must ensure that the winner is correctly identified before handing over a large sum of money.

When cashing out the check or collecting the money in person, the lottery winner should bring valid government-issued photo identification. This is typically a driver’s license or passport. Each state also has different procedures for filing taxes on lottery winnings, and this information should also be sought from the lottery commission or office.