Whether you are looking for information on jackpot lottery games or you simply want to learn more about the lottery, you can find a wealth of information in this article. You will learn about the various jackpot lottery games that are available, as well as their lower tier winners, the taxes that you can expect to pay on your winnings, and the various annuity options that you may choose.
Mega Millions
Among the major lottery games in the U.S., Mega Millions has two payout options. The first is a cash option, which is paid out in a lump sum. The other is an annuity payment, which is a series of 29 annual payments. The annuity payment is designed to protect winners’ purchasing power during inflation.
The Mega Millions jackpot has grown to an estimated $370 million for the drawing on Tuesday. This marks the third time this year that the jackpot has exceeded $400 million. The Mega Millions website estimates that the cash option on Tuesday will be $213.3 million.
Powerball
Whether you have been playing Powerball for years or are just getting started, it’s never too late to take a chance on winning. The odds of winning are one in 292.2 million. However, if you win, you can opt for a cash payout or an annuity.
To play the lottery, players pick five numbers from 1 to 69. They can also choose to add an additional $1 to their ticket for a Power Play multiplier wheel. This doubles the amount of money you could win.
Jackpot Scratch-it
Buying a scratch card and seeing a winning lottery ticket are both exciting but not the most exciting thing you’ll encounter when playing the Oregon Lottery. In addition to the standard games, the state lottery offers a couple of special holiday Scratch-it games, including the Winter Ca$h Scratch-it. It’s worth noting that a winning Scratch-it in the Emerald 10s Scratch-it game remains the only game in the Emerald 10s family to offer a $100,000 prize.
Annuity options
Choosing between lottery annuity options can be an important decision. This type of payout is one of the most popular options for winning a big jackpot. An annuity is a long-term income source that pays you over a period of several decades.
An annuity option is usually a better choice for monetary reasons. Whether you are looking to spend your money on luxury items or you need to make ends meet, annuities are a solid choice. Choosing to receive an annuity can help you to avoid paying large amounts of tax and ensure you get your bills paid for a long time.
Lower-tier winnings
Despite being a relative newcomer to the world of lottery games, Powerball has had a rich history spanning more than three decades. Several billion dollars worth of cash prizes are awarded on a regular basis. With a grand total of $23 billion in prize money to date, it’s no wonder that the Powerball is one of the most popular lottery games in the country.
Taxes on winnings
Getting a large lottery prize can be exciting, but it also comes with some tax implications. The IRS considers lottery winnings to be gambling winnings and taxes them at ordinary income tax rates. The amount of tax on winnings will depend on the prize size and other income.
The federal government taxes winnings at a rate of 24 percent on prizes greater than $5,000, and the top federal tax bracket is 37%. Some states may tax lottery winnings as well.
