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4 Key Considerations If You Win the $1.1 Billion Mega Millions Jackpot

1. Breathe

Instead of rushing to lottery headquarters to claim your prize, take a deep breath. You have some time to claim your prize – from three months to a year, depending on where you bought the ticket.

“Take a pause before you make any big decisions,” says Irwin. “This is the quiet time before the chaos.”

2. Protect your tickets – and your privacy

Experts generally recommend signing the back of your ticket, taking a picture of yourself with the valuable note, and then storing it safely in a locked box or safe at your bank.

However, the first thing to make sure is that you know the rules for claiming your win in the state where the ticket was purchased.

If you purchased it in a condition that requires the winner’s name to be shared publicly, you can claim the prize in the name of a trust or other legal entity, so your name is not public. attention.

Also, share your hurricane information with as few people as possible, says Irwin. News has a way to travel, and long-lost friends or family – or scammers – can show up on your doorstep.

“Privacy is key,” says Irwin. “That provides safety for both you and your family from scammers or other individuals who may start to prey on you.”

3. Get professional help

Some pretty important financial decisions lie ahead of you, it’s worth it to have a team of experts backing you up. That team should include an experienced attorney, financial advisor, tax advisor, and insurance specialist.

For starters, you will have to decide whether to accept your prize as an amortization or as an annuity of 30 payments over 29 years. Either way, the IRS will do the part before the money reaches you.

The cash option – which most winners choose – for this $1.1 billion jackpot is $648.2 million. One mandatory 24% federal tax deduction on that amount would reduce that amount by about $155.6 million.

However, since the highest marginal rate is 37%, the winner should expect to owe more at the time of tax calculation. Also, state taxes are usually withheld or due, depending on where you live and where the ticket was purchased.

4. Reflect on what lies ahead of you

If you’ve spent the day working at a job and are planning to quit, you should think about the long-term consequences of doing so.

“If you were working before, there will be a change in your daily life,” says Irwin. “Consider how you’ll spend your days and how you can make sure you still have purpose in your life.”

Meanwhile, the Powerball jackpot is estimated at $170 million for Saturday night’s draw. Your chances of winning the top prize in that game are about 1 in 292 million.

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