![]() 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. 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.). Friday’s jackpot resets to $20 million.ĬNN’s Tina Burnside contributed to this report.The prize on a winning lottery ticket may be split among a group of ticket owners however only one prize check is issued. Before Tuesday, it was last won in New York on April 18. The Mega Millions jackpot had been growing for months. California is still celebrating because a lucky ticket sold at Super Mac Food & Gas in Hilmar matched five numbers missing just the Mega number earning $3,383,371,” the California lottery said in post to X, the platform formerly known as Twitter. “Congratulations to the BIG $1.58 Billion #MegaMillions jackpot winner in Florida. That’s because California’s prizes vary depending on ticket sales and number of winners, and they differ from the fixed prizes shown on Mega Millions’ site. The California ticket – sold in Hilmar – will be worth $3.38 million, according to California State Lottery. The Megaplier is a way to multiply your prize by 2, 3, 4 or 5. Those tickets were sold in California, Pennsylvania, Texas (two winners) and West Virginia. Two tickets sold in Florida and North Carolina won $2 million by matching the first five numbers and activating the optional Megaplier, which is available in most states with an extra $1 purchase.įive tickets won at least $1 million by matching the first five numbers without the Megaplier. Other tickets sold in Tuesday’s drawing also scored big prizes. ![]() The all-time record for largest lottery jackpot was a $2.04 billion Powerball prize won last year in California. The holder of Tuesday’s winning ticket could choose to spread the full amount in annual payments over 29 years, or receive a lump sum payment estimated at about $783 million, both before taxes, according to Mega Millions. The winning ticket was sold at a Publix supermarket in Neptune Beach, Florida, according to the state’s lottery.Ī $1.58 billion jackpot – if the prize is confirmed at that level – would exceed the Mega Millions record of $1.537 billion won in South Carolina in 2018, the lottery said. The winning numbers were 13, 19, 20, 32, 33 with a gold Mega Ball of 14. AFP PHOTO / SAUL LOEB / AFP / SAUL LOEB (Photo credit should read SAUL LOEB/AFP/Getty Images) SAUL LOEB/AFP/Getty Imagesīefore you play in an office lottery pool, read this ![]() Lottery officials predict Saturday's jackpot will reach $700 million, the largest in history. A machine prints Powerball lottery tickets at a convenience store in Washington, DC, January 7, 2016.
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