powerball and mega million current jackpot

The Mega Millions jackpot has stood at $427 million since Wednesday, bringing the combined total to $1.017 billion.

Powerball’s jackpot has hit an estimated $590 million, a roughly $44 million increase that followed the lottery not drawing numbers on Wednesday resulting in a grand prize-winning ticket. The estimated combined jackpots of the Powerball and Mega Millions lotteries have breached the $1 billion-mark pre-tax ahead of Friday’s drawing for the latter. Powerball jackpot: How to handle becoming a multimillionaire overnight Iowa woman wins lottery 22 years after tornado destroys home

The Lottery encourages all players to seek financial advice before claiming a large jackpot prize.Īs with all claims, the names of those receiving prize funds and their city of residence is public record.Winning numbers released for $546 M Powerball jackpot When claiming a prize as a legal entity, the legal document organizing the entity must list the name of each member of the group, their city of residence, and the portion of the prize each person will receive. This simplifies the tax reporting and prize distribution for a group of people receiving payments over an extended time. While it is not necessary for a group of people to form a legal entity to claim the cash option, the Lottery asks a group of winners to form a legal entity with an assigned tax identification number for a jackpot prize paid in annual installments. The group members must decide on one payment option it is not possible for some group members to take the cash option and others to choose the annuity. The Powerball or Mega Millions jackpot prize may be paid in the annuity payment format or the single payment cash option. The Federal Form 5754 allows the Lottery to send a separate W-2G tax form to each individual winner noting the amount won and withheld on their behalf. The person receiving the check for the group also provides picture identification and is responsible for distributing the winnings to the group members.įor a prize paid in a single payment, the check recipient may choose to complete a Federal Form 5754 that ensures the tax obligation of the prize is distributed among the group members according to the gross prize amount of each person’s share. Each member of the group provides a completed IRS Form W-9 for tax reporting purposes at the time of the claim.

The prize check is issued to either one person or legal entity (partnership, trust, etc.). The prize on a winning lottery ticket may be split among a group of ticket owners however only one prize check is issued.

Powerball and mega million current jackpot