Mega Hundreds of thousands’ jackpot is $421 million. What to do in case you win

MARK RALSTON | AFP | Getty Images

Sure, the chance of your ticket hitting the Mega Millions jackpot is tiny — roughly one in 302 million.

Nevertheless, it’s worth considering what you’d do if you manage to beat the odds. For Friday night’s drawing, matching all six numbers pulled would mean landing $421 million.

The amount has been rolling higher since late October, when $108 million was won. That marked the last of six jackpots awarded in 2021, which ranged from $55 million to $1.05 billion.

More from Personal Finance:
3 key reasons to keep your will or estate plan updated
Tax season is underground. How to get a faster refund
Here’s a financial road map for the rest of the year

If you end up joining the short list of top prize winners, there are some things to consider before doing much of anything.

For starters, lottery tickets are considered “bearer instruments,” which means whoever holds it is considered the owner. This means you need to earnestly protect it.

Take a picture of yourself with the winning ticket, said certified financial planner Joe Buhrmann, senior financial planning consultant at eMoney Advisor. Also put the ticket somewhere secure — such as in a safety deposit box — until it’s time to claim your windfall.

Additionally, you may want to sign the back of the ticket. Just be aware that in some states, doing so could interfere with your ability to claim the prize via a trust or other legal entity that would shield your identity from the public.

It’s also worth sharing the exciting news with as few people as possible. If you won’t be able to remain anonymous — it depends on state laws — you need to consider how to avoid becoming a target for scammers as well as long-lost family and friends.

“You may have been friendless and unknown to passers-by on the streets,” Buhrmann said. “That will all change when you’re announced as the winner.”

You also should turn to experienced professionals to help guide you through the claiming process and the many facets of protecting your windfall. Your team should include an attorney, financial advisor, tax advisor and insurance professional.

This group can help you determine whether to take your winnings as a lump sum or as 30 payments spread over 29 years. Most lottery winners choose the immediate, reduced cash amount. For Mega Millions’ $421 million jackpot, the cash option is $290.9 million.

Either way, the money would face a 24% federal tax withholding before it reaches you. For this jackpot, taking the cash would mean about $69.8 million getting shaved off the top, leaving you with a cool $221.1 million. Depending on where you won the jackpot, there may also be state taxes withheld.

Consider how this newfound wealth will change your marriage, family and dynamics with friends and neighbors.

Joe Buhrman

Senior financial planning consultant at eMoney Advisor

Additional federal income taxes would likely also be due at tax time, given the top rate of 37%. There also may be more due in state taxes, depending on the jurisdiction’s rate of withholding.

It’s also worth giving some thought to how your life is going to change — not just from a financial aspect.

“Consider how this newfound wealth will change your marriage, family and dynamics with friends and neighbors,” Buhrmann said.

You may even want to seek guidance from a financial therapist or mental health professional to help you deal with the stress that comes with winning, he said.

Meanwhile, Powerball’s jackpot is $104 million for Saturday night’s drawing. The cash option is $72.5 million. As with Mega Millions, the chance of a single ticket winning the top prize is tiny: one in 292 million.

How a lot Mega Thousands and thousands, Powerball winners have paid in 2021 taxes

mphillips007 | iStock unpublished | Getty Images

As for the lottery, it’s been a good year for Uncle Sam so far.

The winners of the Powerball and Mega Millions jackpots – valued at a total of $ 2.9 billion – together paid approximately $ 515 million to the IRS in 2021. And that won’t be the end.

Whether jackpot winners choose the instant, discounted cash option (most do) or a three-decade pension, 24% is withheld for federal taxes. However, since the 37% maximum rate applies to income over $ 523,600 (sole taxpayer) and $ 628,300 (married couples filing together), you end up owing more.

There have been five Powerball jackpot winners so far in 2021 – and the pace of those wins could pick up, because a third weekly drawing will be added on Mondays from August 23.

Mega Millions has four winners this year (but the jackpot of $ 55 million won on June 8 remains unclaimed). For all prizes collected, the winners chose the cash option instead of the pension.

For the three Mega Millions jackpots claimed – which ranged from $ 96 million to $ 1 billion – the winners’ cash options totaled $ 1.2 billion. The federal 24% withholding tax totaled $ 288 million, bringing total revenue down to $ 912 million.

More from Personal Finance:
Here are the plans for going back to the office
What to do with emergency cash when inflation rises?
Some summer activities can affect your taxes

Powerball winners have a total of $ 945.7 million in cash options, with jackpot amounts ranging from $ 23.2 million to $ 731.1 million. After the 24% federal withholding of $ 227 million, the winners were left with $ 718.7 million.

To illustrate, if the winners were unable to reduce their taxable income at all, another 13% – the difference between the 24% withheld and the top tax rate of 37% – would be due to Uncle Sam. Taken together, that would be another $ 278.9 million going into the federal treasury (a total of $ 793.9 million).

Of course, these lottery winnings generally only add a drop in the federal tax bucket. Income taxes paid by individuals are expected to represent approximately $ 1.9 trillion (50%) of the estimated $ 3.8 trillion in government revenue for fiscal 2021.

Local cash registers also benefit from big lottery winnings. State taxes ranging from zero to more than 8% would also be levied depending on where the ticket was purchased.

Like the state withholding tax rate on jackpot winnings, the amount withheld for state taxes can be less than you owe.

There are ways to reduce taxation on your profits, though not many. For 2021, due to a temporary change in federal regulations, charities can reduce their taxable income by making a qualified monetary donation of up to 100% of their adjusted gross income (this limit is expected to fall back to 60% in 2022).

Some lottery winners set up their own charitable foundation or a similar facility, such as a fund advised by donors, and donate part of their profits to it.

The Mega Millions jackpot is $ 179 million ($ 129.5 million cash option) for the Tuesday night drawing. Powerball’s jackpot is $ 211 million (cash option of $ 153.9 million) with the next drawing scheduled for Wednesday night.

Your chance of winning Powerball is 1 in 292 million. For Mega Millions, it’s 1 in 302 million.

Mega Thousands and thousands jackpot is $430 million. Keep away from these blunders in case you win

Scott Olson | Getty Images

If you’re lucky – as in really, really lucky – the $ 2 million ticket you own could be worth $ 430 million by Saturday.

This is the face value of the jackpot that goes into the Friday night drawing. Whether you want the prize as a three-decade annuity or a reduced flat fee of $ 291.1 million, it wouldn’t be as easy to exchange your ticket for the loot and get on with life as before.

“That amount is absolutely life changing,” said Walt Blenner, attorney and founder of the Blenner Law Group in Palm Harbor, Florida. “Everything in your life will change and there is no going back.”

If someone wins Friday night, the jackpot marks the eleventh largest in the history of the game. Two Mega Millions jackpots were won earlier this year: a $ 1.05 billion win on January 22nd that went to a group of players in Michigan and a $ 96 million prize that went to a New York couple won on February 16.

Here are some mistakes to avoid in order to make a smooth transition to extreme wealth.

Oversharing

Blenner recommends sharing the news only with your core family.

“Tell as few people as possible,” he said. “If it gets known, it spreads quickly.”

The ultimate goal should be to protect your identity as much as possible. Some states allow you to claim your award anonymously, while others may allow you to set up a trust or body to claim the money, which will keep your name out of the public eye.

Failure to do so could result in a hurricane of public attention that is not guaranteed to all pass or be innocent.

When representing the winner of a $ 451 million Mega Millions jackpot in 2018, Blenner had to emphasize the importance of disappearing before the public found out who won (in Florida, lottery winners cannot remain anonymous).

They hesitated, so he informed them that ransom and kidnapping insurance was available. That got through to them and they rented a house 20 miles away under a pseudonym.

Hurry to win the prize

I try to do it alone

Before making a claim, you’ll want to assemble a team of seasoned professionals, including a lawyer, accountant, and financial advisor, Blenner said.

“You absolutely need a team around you,” he said.

For example, there may be ways to minimize your tax burden. While 24% of large lottery winnings are withheld for federal taxes, the highest marginal rate of 37% means you would owe a lot more.

For this Mega Millions jackpot, withholding the $ 291.1 million flat option would result in nearly $ 69.9 million being shaved off the top. There are also typically state taxes that may be withheld or due at tax time.

Someone on the team should also serve as the gatekeeper. That means they can answer queries from moochers or scammers, or from anyone else fishing for a piece of your luck.

It’s worth noting that most people never have to worry about these things. The chance that a single ticket will hit all six numbers drawn in Mega Millions is 1 in 302 million. For Powerball – whose jackpot for the Saturday night draw is $ 183 million – your chance of winning the grand prize is a little better: 1 in 292 million.

Battle of the Platforms’ Mega Boxing and Leisure Occasion That includes The World’s Largest Social Media Stars from TikTok and YouTube to Take Place in June 2021

“Social Gloves: Battle of the Platforms” mega boxing and entertainment event PPV event in partnership with LiveXLive

Tweet this

“Social Gloves: Battle of the Platforms” is a unique, unprecedented live PPV entertainment mega-event that features an over-the-top Gatsby-style production boxing competition that features the world’s biggest social media stars from YouTube Compete against the new symbols from the explosive TikTok platform. Austin McBroom, Founder of The ACE familywill compete against TikTok star and teen idol Bryce Hall for the main event with additional matches Danny Duncan, DDG, Deji, FaZe Jarvis, Michael le, Nate Wyatt, Tanner Fox, Tayler Holder and Vinnie Hacker. The colossal event will also feature live music performances from some of the world’s greatest pop and hip hop stars, to be announced in the coming weeks, all of which culminate in a legendary day and legendary live entertainment of pop culture.

The first in a series of major Social Gloves events planned in partnership with LiveXLive, Social Gloves: Battle of the Platforms, is being produced by a visionary and social media elite Hollywood Playmaker Paul Cazers and is represented by an entertainment lawyer Jason Ziven at Sanders Roberts, LLP.

“This graduation is the culmination of every major learning I’ve had while at the forefront of the social media industry, including the first social media PPV event, Logan vs KSI, that I put together. Got there we’ve seen it’s rabid The international fan base of these social media moguls has had more audiences and sales than traditional professional professional sports events, “said the executive producer Paul Cazers. “This event is a perfect storm of celebrities, social media, technology, digital marketing, pop culture and, ultimately, good old people Hollywood 101 Celebrity and Industry Magic. Every component of this unique moment is designed to be a larger than life spectacle and drive viewers across all social media platforms around the world. Every model we see tracks this as the biggest PPV event in history. “

“We are proud to partner with Paul and his team on Social Gloves, the largest boxing competition between TikTokers and YouTubers. By combining sports and music into a new franchise for a range of mega entertainment events, we can advertise beyond our flywheel do – hear, see I’ve innovated some of the biggest and best PPVs including boxing, music, home run derby, and movies, and we’ve finally got to a point where technology is advancing and brands, fans, and talent are coming We’re excited that LiveXLive has the opportunity to be part of the delivery of the largest global PPV in history. The social media heavyweights and their fans become one voice on all social platforms, and the ultimate champions will be decided on fight night. “specified Robert Ellin, Chairman and CEO of LiveXLive.

Further details on Social Gloves: Battle of the Platforms, including ticket and PPV information, will be announced in the coming weeks.

About LiveXLive Media, Inc.
Headquarters in Los Angeles, California, LiveXLive Media, Inc. (NASDAQ: LIVX) (the “Company”) (pronounced “Live” by “Live”) is a leading global all-in-one platform for streaming artists, providing world-class music and entertainment content as well as live streams from the world’s leading and professional artists curated streaming radio stations, podcasts and original video and audio-on-demand content, as well as personalized merchandise that connects artists with millions of fans every day. The company has streamed over 1,800 artists since then January 2020 and has created a valuable link between bands, fans and brands by building long-term franchises in audio, video, podcasting, pay-per-view (PPV), live streaming and specialty goods. LiveXLive is available for iOS, Android, Roku, Apple TV and Amazon Fire as well as OTT, Samsung TV, STIRR, Sling and XUMO, in addition to its own app, online website and social channels. The wholly owned subsidiary of the company PodcastOnegenerates more than 2.25 billion downloads per year with more than 400 episodes per week spread across a stall of hundreds of top podcasts. The company’s other major wholly owned subsidiaries are LiveXLive, Slacker radio, Gifts respondand custom personalization solutions. For more information, visit www.livexlive.com and follow us on Facebook, Instagram, TikTok and Twitter at @livexlive.

Forward-Looking Statements
All statements in this press release, other than historical facts, are “forward-looking statements” which often but not always can be identified by the use of words such as “may”, “could”, “will”. “will likely result”, “would”, “should”, “estimate”, “plan”, “project”, “forecast”, “intend”, “expect”, “anticipate”, “believe”, “seek”, “search” “further”, “aim” or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties, and other factors that could cause actual results, performance or accomplishments to differ materially from those expressed or implied in these statements, including: the company’s reliance on a major customer for a material one Percentage of its sales ;; the ability of the entity to complete any proposed financing, acquisition or transaction; the timing of the completion of any such proposed event, including the risk that a condition for the completion will not be met within the expected timeframe or not met at all, or that the completion of a proposed Event financing, acquisition or transaction will not occur or whether such an event increases shareholder value; the company’s ability to continue in business; the company’s ability to attract, maintain, and increase the number of its users and paid subscribers; the company identifies, acquires, secures and develops content; the company’s ability to maintain compliance with certain financial and other requirements; the company is successfully executing its growth strategy, including in relation to its technology platforms and applications; Management relationships with industry stakeholders; the impact of the global Covid-19 pandemic; Changes in economic conditions; Competition; Risks and uncertainties affecting the business of the company’s subsidiaries; and other risks, uncertainties and factors including, but not limited to, those described in the Company’s Annual Report on Form 10-K for the past fiscal year March 31, 2020, filed with the US Securities and Exchange Commission (the “SEC”) on June 26, 2020, Quarterly report on Form 10-Q for the past quarter December 31, 2020, filed with the SEC on February 16, 2021and in the company’s other filings and filings with the SEC. These forward-looking statements speak only as of the date of this document and the company disclaims any obligation to update these statements unless required by law. The Company intends that all forward-looking statements be subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Contacts:

LiveXLive press contact:
The group of roses
[email protected]
424.645.4620
[email protected]
614.226.9542

IR contact:
[email protected]
310.601.2505

“Social Gloves: Battle of the Platforms” Press contact:
Rogers & Cowan PMK
Jennifer Cruz / Chaima Mennana
[email protected] /. [email protected]

Sponsoring contact:
For sponsorship inquiries, please contact: [email protected]

SOURCE LiveXLive Media, Inc.

similar links

https://www.livexlive.com

The $1 billion Mega Tens of millions jackpot has a winner

MARK RALSTON | AFP | Getty Images

Someone in Michigan starts their weekend a lot richer.

A single ticket sold in Wolverine State hit all six numbers drawn on Friday night to win the $ 1 billion Mega Millions jackpot. The prize had risen through twice weekly drawings for 37 weeks with no winners. It has now been reset to $ 20 million.

When you have this precious piece of paper in hand, you should be aware that your life is about to change dramatically, experts say. And while you may be eager to claim your winnings, there is no need to rush to headquarters right away.

In other words, take a deep breath.

Protect your ticket and yourself

Put together a team of professionals

Before you go to the lottery headquarters, you should assemble a team of seasoned professionals: a lawyer, an accountant, and a financial advisor.

“You want to be thoughtful [experts] Walk you through the emotional side of winning, but also the commitment that comes with that kind of wealth, “said CPA Mark Alaimo, a member of the American Institute of CPAs’ Personal Financial Specialist Committee.

Someone on the team should also serve as the gatekeeper. That said, they can answer queries from moochers or scammers, or even friends and family members who want a piece of your godsend in the end.

The tax bill

You can choose to take your winnings either as a lump sum or as a 30 year pension. For the $ 1 billion Mega Millions jackpot, the cash option – which most winners choose – is $ 739.6 million.

However, before it reaches you, 24% – $ 177.5 million – is withheld for federal taxes. With the highest marginal tax rate of 37%, you can expect more to be due at tax time. Michigan state taxes of 4.5% would also be due or withheld.

Think philanthropically

One way to lower your tax burden is to think in a nonprofit way.

You can donate up to 60% of your Adjusted Gross Income in cash to a nonprofit or a donor-recommended fund and receive a tax deduction for the amount in the year you donate.

They can also set up a private foundation, donate their income, and then choose how to use it over time.

“A private foundation can run programs,” said Alaimo. “You could open and run a soup kitchen owned by the foundation.

“With a fund recommended by donors, you can only donate [an existing] Soup kitchen.”

Mega Tens of millions jackpot soars to $850 million. The right way to deal with a windfall

Angela Weiss | AFP | Getty Images

Once again the Mega Millions jackpot has catapulted higher.

The grand prize now stands at a staggering $ 850 million – the third largest in lottery history – after no ticket matched all of the numbers drawn on Friday night. Then there is Powerball: the jackpot is estimated at $ 640 million for the Saturday night drawing.

Of course, the odds of winning either game aren’t in your favor: the chance that a single ticket will match all six numbers is 1 in 302 million for Mega Millions and 1 in 292 million for Powerball.

Even so, it is still worth thinking about how you would deal with such a stroke of luck if you passed the odds.

Jackpot winners are typically given six months to a year to claim their prize, depending on which state it was purchased in. This generally means there is no need to rush to the lottery headquarters.

In other words, the winners should take a deep breath.

Big money means big emotions

Whoever cracks one of the jackpots at the end should be prepared for a roller coaster ride of emotions.

Experts say the extent of their windfall can level off once the initial excitement of winning the jackpot subsides.

“Anyone experiencing newly created wealth … there is a sense of confusion and a sense of being overwhelmed,” said Valerie Galinskaya, executive director and director of the Merrill Center for Family Wealth.

Of course, you don’t have to do it alone.

Given the size of these jackpots, winners should assemble a team of seasoned professionals – including a lawyer, CPA, and financial advisor – to help them tackle the windfall.

“You want to hire the right consultants who can provide not only good advice but also advice tailored to your needs and desires,” said Galinskaya.

Protect your ticket and your identity

You should make a copy of your ticket, keep it in a safe place, i.e. in a safe deposit box or deposit with a bank, and defy the urge to share your messages with everyone in your life.

“Don’t immediately discuss it with anyone other than your immediate and trusted family,” said certified financial planner Jim Shagawat, a New Jersey-based partner advisor at AdvicePeriod of Los Angeles.

Also, if possible, you should protect your identity when you claim the jackpot. While the standard recommendation is to sign the back of the ticket, if, under state law, you set up a trust or limited liability company to claim the windfall, rather than doing it on your own behalf, it can compromise anonymity .

More from Personal Finance:
IRS is delaying starting tax returns until February 12th
Tackling Vacation Debt: These 8 Strategies Can Help
How to get out of vacation timeshare amid a pandemic

If your state laws require your name to be publicly known, then it pays to prepare how to respond when others bring up your roundtable, Galinskaya said.

“They say, ‘I’m really grateful and we’re still working on what it means to us,'” she said.

Prepare for the tax bill

For the $ 850 million Mega Millions jackpot, the cash option that most winners choose instead of an annuity is $ 628.2 million.

However, before that gets to you, 24% – or $ 150.8 million – will be withheld for federal taxes. You can also rest assured that you owe much more to Uncle Sam, as the maximum marginal rate of 37% applies to income over $ 523,600 for individual taxpayers and $ 628,300 for married couples filing together. As a rule, state taxes are also due.

Powerball’s $ 640 million jackpot has a flat-rate option of $ 478.7 million. The 24% withholding tax would be approximately $ 114.9 million. And again more would be due.

Think philanthropically

One way to lower your tax burden is to think in a nonprofit way. Basically, the government gives you a tax break if you use private money for public purposes.

“It’s not just about what you want to do for yourself and your family, it’s also philanthropic,” Galinskaya said.

You can donate up to 60% of your Adjusted Gross Income in cash to a nonprofit or a donor-recommended fund and receive a tax deduction for the amount in the year you donate. They can also set up a private foundation, donate their income, and then choose how to use it over time.