The possible winning tickets and their cash prizes are as follows:
- Match all 5 white numbers only — $1 million.
- Match 4 out of 5 white numbers + Powerball — $50,000.
- Match 4 white numbers only — $100.
- Match 3 white numbers + Powerball — $100.
- Match 3 white numbers only — $7.
- Match 2 white numbers + Powerball — $7.
There are multiple ways to win Powerball. But if you only matched one white number, then you haven't won anything tonight. If you matched only the red ball (the Powerball, which is the last number drawn), then you'll win $4. You can put that money into buying two more Powerball tickets!
If you're the next Powerball winner, you must choose either an upfront, lump-sum cash payment or annuity payments. With the lump-sum payment, you receive the approximately $465.5 million in cash now in a single payment (minus withheld taxes and a discount rate for receiving the cash upfront).
(1) If Your Lotto Entry matches two or more of the Main Numbers You will win a Prize in the highest relevant Lotto Prize category, providing the requirements of the Rules and these Procedures are met. (2) If Your Lotto Entry matches two of the Main Numbers You will win a Prize of a free Lotto Lucky Dip.
Match 4 out of 5 white numbers + Powerball — $50,000. Match 4 white numbers only — $100. Match 3 white numbers + Powerball — $100. Match 3 white numbers only — $7.
If you're wondering how long do you have to claim a lottery ticket when you win playing Mega Millions or Powerball, you'll be glad to hear that most states give at least 180 days (excluding New Mexico where a winner has just 90 days) and many states give winners up to a year to collect their prizes.
For instance, if you are single and looking to file taxes on 1 million dollars of earned income in 2018, your income up to $9,525 is taxed at 10 percent, and income between $9,525 and $38,700 is taxed at 12 percent. This continues incrementally up to the highest federal income tax rate of 37 percent.
Unlike the annuity that is taxed as you receive your annual payments, the winner who takes the lump sum pays all applicable taxes upfront. A winning ticket would put you in the highest tax bracket, which is currently 37%, netting you $47,502,000 before state taxes, which vary depending on where you live.
You may or may not be free from paying income tax after age 70, depending on your circumstances. Income tax requirements are based on the nature and amount of your income, not your age.
Before Claiming Your Prize
- Protect That Ticket and Take Your Time. First of all, protect your winning lottery ticket.
- Don't Quit Your Job Just Yet.
- Hire Professionals.
- Change Your Address and Go Unlisted.
- Taking the Lump Sum Payment.
- Taking the Long-Term Payout.
- Talk to the People You Hired.
- Pay Off Debt.
LUMP SUM: The one-time cash payout is $465.5 million. The advertised $750 million jackpot is the total if you choose the annuity payments option.
And in all likelihood, at least one state is going to win big twice. That's because lottery winnings are generally taxed as ordinary income at the federal and state levels (and, where applicable, locally). California and Delaware do not tax state lottery winnings.
First of all, protect your winning lottery ticket. Make paper copies, store digital copies, invest in a home safe or take the ticket to the bank to store it in a safe deposit box. Once you have your ticket secured, take your time to contact the lottery authorities.
Taxes on Casino Winnings and Lottery Winnings
State lottery agencies may have to report your winnings to the Internal Revenue Service on Form W-2G and withhold 25 percent for income taxes if you win more than $5,000, so taxes on $5,000 lottery winnings are likely zero, but you will have to pay taxes on a $10,000 prize.There are two play options for Powerball: a $2 Powerball ticket or a $3 Powerball ticket with Power Play. Adding Power Play multiplies your winnings on all prize levels 2 to 10 times, with the exception of the jackpot and Match 5 + 0 prizes. The purchaser gets one play for each $2 wagered.
