Tag: powerball payouts
Powerball Jackpot $630 Millions – Lottery Results
Yes, you have another chance to win a ton of money in Powerball.
No, you probably won’t win.
The Powerball jackpot jumped to $630 million from$ 610 million ahead of Wednesday night’s drawing due to strong ticket sales. The amount which has been growing for three months marks the seventh-largest jackpot in the game’s history.
While the chance of a single ticket matching all six numbers in any given Powerball drawing is minuscule 1 in 292 million it’s still worth considering what you would do if you found yourself holding the winning ticket.
For starters, remember that lottery tickets are considered “ bearer instruments,” meaning whoever holds it’s considered the owner. This means you need to earnestly protect it.
Take a picture of yourself with the winning ticket, said pukka fiscal diary Joe Buhrmann, the elderly fiscal planning consultant at eMoney Advisor. Also, put the ticket somewhere safe — similar to in a safety deposit box — until it’s time to claim your windfall.
Also, you may want to subscribe to the reverse of the ticket. Just be aware that in some states, doing so could intrude on your capability to claim the prize via a trust or other legal reality that would shield your identity from the public.
It’s also worth sharing the exciting news with as few people as possible. If you won’t be suitable to remain anonymous it depends on state laws you need to consider how to avoid getting a target for scammers as well as long-lost family and friends.
“ You may have been friendless and unknown to passers-by on the streets,” Buhrmann said. “ That will all change when you ’re blazoned as the winner.”
You also should turn to educated professionals to help guide you through the claiming process and the numerous angles of guarding your benefit. Your platoon should include an attorney, fiscal counsel, duty counsel, and insurance professional.
This group can help you determine whether to take your winnings as a lump sum or as 30 payments spread over 29 times. Most lottery winners choose the immediate, reduced cash amount. For Powerball $630 million jackpot, the cash option is $448.4 million.
Either way, the money would face a 24 federal tax withholding before it reaches you. For this jackpot, taking the cash would mean about $107.6 million getting shaved off the top, leaving you with a cool $340.8 million. Depending on where you won the jackpot, there also may be state levies held.
Additional civil income taxes would likely also be due at tax time, given the top rate of 37. There also may be more due in state taxes, depending on the jurisdiction’s rate of holding.
It’s also worth giving some thought to how your life is going to change — not just from a fiscal aspect.
“ Consider how this newfound wealth will change your marriage, family, and dynamics with friends and neighbors,” Buhrmann said.
You may even want to seek guidance from a financial therapist or mental health professional to help you deal with the stress that comes with winning, he said.
Meanwhile, the Mega Millions jackpot is $278 million for Friday night’s drawing. The cash option is $193 million. As with Powerball, the chance of a single ticket winning the top prize is bitsy 1 in $302 million.
Source: For updated information on Lottery payouts and Federal tax obligations visit www.irs.gov.