All articles tagged with #lump sum
The Powerball jackpot has increased to $740 million after no winner was found in Saturday's draw. A winner could choose between receiving the full amount over 30 years or a lump sum of $346.1 million, but taxes significantly reduce the take-home amount, with federal taxes potentially lowering the lump sum to around $218 million and state taxes varying by location.
The Mega Millions jackpot has reached $965 million after no winner was found in the latest draw, but after taxes and deductions, the actual take-home amount for a winner would be significantly lower, with options for a lump sum of around $445.3 million or annual installments, each subject to federal and possibly state taxes.
A couple received a large lump sum Social Security payment due to the Social Security Fairness Act, which may impact their taxes. The IRS allows choosing to tax the lump sum as if received in the year it was due, with calculations available in IRS Publication 915, to determine the taxable portion based on their combined income and previous benefits.
Powerball winners face the choice between a lump sum payment of around $826.4 million or an annuity over 29 years. An accountant advises taking the lump sum for investment control but warns of overspending risks, while the annuity offers a safer, long-term payout. Winners should keep their win confidential, seek professional advice, and pay off debts to secure their financial future.
The Powerball jackpot has risen to $501 million after no winners, with winners able to choose between annual payments or a lump sum of $229.5 million. After federal and state taxes, the take-home amount decreases significantly, with the highest possible after taxes being around $144.6 million for a lump sum. The next drawing is scheduled for August 11, and the jackpot continues to grow if no winner is found.
Yanira Alvarez was revealed as the winner of the $1.08 billion Powerball jackpot in Southern California, choosing to receive the lump sum payment of $558.1 million. This marked the end of a 39-draw jackpot run for Powerball and was the first of two back-to-back billion-dollar winning tickets sold in Southern California that year. The record-breaking 2023 jackpots raised around $197.9 million for California public schools, contributing to the over $43.8 billion raised for public schools and funds for colleges and universities by the California Lottery since 1985.
Yanira Alvarez was revealed as the winner of the $1.08 billion Powerball jackpot in Southern California, choosing to receive the lump sum payment of $558.1 million. This marked the end of a 39-draw jackpot run for Powerball and was the first of two back-to-back billion-dollar winning tickets sold in Southern California that year. The record-breaking 2023 jackpots raised around $197.9 million for California public schools, and the upcoming Powerball jackpot is projected to be $935 million with an estimated cash value of $449.7 million.
Yanira Alvarez, the winner of the $1.08 billion Powerball jackpot in Southern California, chose to receive the lump sum of $558.1 million. This marked the end of a 39-draw jackpot run for Powerball and was the first of two back-to-back billion-dollar winning tickets sold in Southern California that year. The record-breaking 2023 jackpots raised around $197.9 million for California public schools, and the upcoming Powerball jackpot is projected to be $935 million with an estimated cash value of $449.7 million.
The Mega Millions jackpot has reached nearly $1 billion, but the amount you take home could vary significantly based on state taxes, with eight states not taxing lottery winnings at all. Federal taxes on winnings are 24% upfront, but could reach 37% after filing. Where you buy the ticket also matters, as out-of-state purchases could trigger additional taxes. Winners should consider consulting a tax professional to navigate the implications and make informed decisions.
The Mega Millions jackpot has reached $792 million, but the actual amount you'd take home varies by state due to differing tax rates. Winners can choose between a 30-year annuity or an upfront cash lump sum, which is about 48% of the jackpot. After federal withholding tax, winners will likely pay a total of 37% on their winnings, and most states also charge taxes on lottery prizes. Eight states, including California and Texas, don't tax lottery winnings. The lump sum and annuity amounts for each state have been calculated, with lump sum payouts ranging from $198.9 million to $240.6 million.
The Mega Millions jackpot has reached $735 million, making it the sixth-largest in its history, with the potential winner facing one-in-302-million odds. After taxes, choosing the lump sum option would result in a take-home prize of around $224.7 million, while annual installments would pay an average of $15.4 million per year with a 37% federal marginal rate. The next drawing is on Tuesday, and the Powerball jackpot is also substantial, with a lump sum option of $193.6 million after taxes.
The Mega Millions jackpot has reached $650 million, making it the seventh-largest prize in its history, with the potential winner facing hefty taxes that would reduce the lump sum payout to around $194.4 million after federal taxes, and even less in states that tax lottery winnings. The next drawing is on Tuesday, and the Powerball jackpot is also substantial at $443 million for its next drawing on Saturday. The trend of massive jackpots in recent years is attributed to rule changes that increased the odds of larger jackpots accumulating for longer periods.
The Mega Millions jackpot has reached $607 million, but the winner would take home less than half that amount after taxes. The winner can choose between a lump sum of $286.9 million or annual installments, but federal tax withholding and marginal rates could significantly reduce the winnings. Some states also tax lottery winnings. The next drawing will be held on Friday, and Powerball is also offering a $412 million jackpot with similar tax implications.
A group of three lottery club members in the Holland area won $6 million playing scratch-off games, opting for a one-time lump sum of about $4.1 million. They plan to use the winnings to pay off their mortgages and save the rest, expressing disbelief at their good fortune and recently claiming their prize at the Michigan Lottery headquarters.
An anonymous resident in Austin claimed a winning lottery ticket worth $34 million, purchased at an H-E-B store, with the cash value option resulting in a lump sum of $20,205,534.60 before taxes, marking the seventh-largest lottery win in the KXAN viewing area and the second-largest ever in Texas.