If you are one of the many lucky players who have the chance to win a massive Lottery jackpot, you’ll want to be sure that you have the correct lottery numbers. The lottery jackpot for the Mega Millions is currently estimated at $380 million. In the most recent drawing, a winner in Tennessee claimed $20 million of the jackpot.
The odds of winning the jackpot are 1 in 302,575,350. That’s not a very high number, but it is still a pretty big prize. In fact, it’s one of the largest lottery prizes in American history. Assuming you’re lucky enough to win, you can either claim the jackpot immediately or opt for an annuity that will pay you over the next 30 years. Before deciding how to spend your money, be sure to consider the taxes you’ll have to pay. The federal government requires 24% withholding on lottery winnings, and you’ll likely have to pay state income tax as well. In Illinois, lottery winnings are taxed at the state income tax rate of 4.95%, but winners in other states may owe more.
The best way to claim a lottery prize is to claim it within a week of the announcement. This will ensure that you have time to plan your life after winning the jackpot. However, most lotteries allow winners up to 12 months to claim their prize. Before claiming your prize, check with the lottery’s issuing authority to find out exactly what the deadline is for collecting your prize.