Should you take your Mega Millions ticket winnings as a lump sum or annual payments?

Get every deduction you deserve TurboTax Deluxe searches more than tax deductions and credits so you get your maximum refund, guaranteed. County by County.

Powerball jackpot: Drawing time, odds, last winning numbers

All revenue for Powerball ticket sales not used for jackpots is retained by each member; none of this revenue is shared with other lotteries. The two-drum concept was suggested by Steve Caputo of the Oregon Lottery.

August 14, ET Oct. This potentially leaves a gap between the mandatory amount of withholding and the total tax you'll ultimately owe, depending on your tax bracket.

Should You Take a Lump Sum When You Win Powerball?

You will owe the rest of the tax — the difference between 25 and 37 percent — at tax time next year. Retrieved April 14, Current Jackpot Latest Result: The numbers drawn on Tuesday night are 5, 28, 62, 65, 70 and Mega Ball 5.

Internet access required; standard data rates apply to download and use mobile app. Take a lump sum payment or 30 annual payments.

The drawing is Wednesday night. Jackpots surge: They will argue that choosing an annuity lifetime income stream will never beat a well-planned asset allocated portfolio.

August 2, Jackpot [c]. It also handcuffs the lottery winner and protects them from their own stupid decisions as well. Retrieved January 15, Retrieved from " https: November 16, Retrieved July 18, Get a personalized list of the tax documents you'll need.

Here's What To Do If You Win $ Million Lottery

Members are liable only for the payment of secondary prizes sold there. Only a "lottery" was authorized by the state Lottery Act. Archived from the original PDF on August 24, The first thing that happens, tax-wise, when you win is that the federal government takes 24 percent of the winnings off the top. Let friends in your social network know what you are reading about.

The drawing order of the five white balls is irrelevant; all tickets show the white ball numbers in ascending order. Fastest tax refund with e-file and direct deposit; tax refund time frames will vary. Power Play is drawn separate from the 6 numbers. The last Powerball winner was in New York on Aug. Players can select their own numbers, or have the terminal pseudorandomly select the numbers called "quick pick", "easy pick", etc.

Our Standards: Power Play, when it began in , was drawn with a special wheel.