Will the third time be the charm?
first time that both games simultaneously had jackpots topping $ 300 million occurred in August 2017; the second time was in December.
In that most recent run-up, the Mega Millions was the first to pay out its jackpot in early January, with Shane Missler of Florida taking home the $ 451 million prize. In a recent news release, game officials said the winner claimed the prize as “the trustee of Secret 007, LLC.”
The Powerball prize landed a day later, with a lone ticketholder in New Hampshire scoring $ 559 million. That winner, currently known only as Jane Doe, claimed her after-tax winnings of $ 274 million via a trust this week. However, a misstep with her handling of the ticket means it’s up to a judge whether she can maintain that anonymity.
Her story underscores the importance of getting good advice on claiming prize money – especially if you want to remain anonymous. Most lottery hopefuls say they do.
Tax advice is key, too: That headline prize is misleading. You won’t walk away with the full amount. (See infographic below for lottery tax implications.)
Lottery site USAMega.com estimates the federal withholding on the $ 187 million Mega Millions lump sum would be $ 46.75 million, and state taxes could knock out an additional maximum amount of $ 16.5 million (with New York the worst offender).
For the Powerball, those tax tallies for the $ 229 million cash prize would be $ 57.25 million and up to $ 20.2 million, respectively.
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