“I think it can buy time, which can be invaluable. “It can change pretty much everything, relationships, your ability to live a life,” he said. He said after he checked his numbers in the newspaper and realized he won, some of the first calls he made were to attorneys and financial advisers.Ģ1 ways to live luxe if you win the $1.28 billion Mega Millions jackpot Timothy Schultz, who won a $28 million Powerball jackpot in 1999 and now hosts a lottery podcast, told CNN winning can “really turn your life on its head.” The largest jackpot of any US lottery game was $1.586 billion – a Powerball prize from January 13, 2016, shared by winners in California, Florida and Tennessee. That’s the second-largest jackpot for any US lottery game, though it’s the world’s largest lottery prize won by just one ticket, according to Mega Millions. The Mega Millions jackpot record is $1.537 billion, won by a single ticket sold in South Carolina in 2018. The next drawing is Tuesday at 11:00 p.m. 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.The winning numbers for Friday’s Mega Millions drawing for an estimated $1.28 billion were 13-36-45-57-67 with a Mega Ball of 14.įriday’s jackpot was the lottery’s second-largest prize in its 20-year history, and it came with a cash value option of $742.2 million. 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.
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