Friday’s Mega Millions jackpot could make one lucky lottery lover very rich.
The current Mega Millions jackpot for Friday’s upcoming drawing is $131 million with a $74.9 million cash option.
Although a woman in Virginia won $1 million in the May 10 drawing by matching the first five winning numbers, the grand prize is still up for grabs, according to local outlet WHSV.
Meanwhile, the Powerball numbers drawn on May 18 were: 40, 41, 58, 64, 65, and powerball 17 with power play 3X.
The next Powerball game will be on Saturday as these lottery draws are held on Mondays, Wednesdays and Saturdays.
Mega Millions numbers are drawn every Tuesday and Friday at 11pm ET.
Read our lottery live blog for the latest results and winning numbers…
Odds of winning at Mega Millions
The probability of matching the first five numbers in Mega Millions is 1 in 12,607,306, WHSV reported.
The probability of matching all six numbers to win the jackpot is 1 in 302,575,350, according to the Virginia Lottery.
Virginia woman wins $1 million
Broadway, Virginia native Vanessa Hernandez Lopez won a smaller Mega Millions prize earlier this month.
According to WHSV, her ticket matched the top five winning numbers of the May 10 draw.
Her boyfriend had bought the ticket and given it to her, and Hernandez Lopez didn’t realize at first that she had won.
She told the local outlet she was “excited” to win.
Taxes on Powerball winnings
If you take home the lump sum prize after winning the Powerball jackpot, you’ll immediately fall into the top tax bracket, according to TurboTax.
That means you’ll likely owe the IRS at least 37 percent in taxes starting in 2021.
So a $1.5 billion jackpot is really worth about $930 million if you opt for the flat payout.
Where your $2 goes
Powerball shared a breakdown of where every $2 spent on a ticket goes on its website:
- 50 percent of a ticket sale flows into the financing of prizes
- 35 percent goes to good causes supported by lotteries
- 6 percent goes to dealer commissions
- 9 percent goes to operating costs
Reality after winning the lottery, part two
Winning the lottery can be glamorous, but it’s important to pay attention to the people in your life when you’re winning.
“I had a friend who told me this sad story about how she was behind on her local taxes and because she couldn’t pay, they would take her house,” one winner told Reader’s Digest.
“After she left, I sat down at my computer, looked up her tax records and saw that she wasn’t in arrears.”
“When I printed out this page and sent it to her, that was the end of our friendship.”
Reality after winning the lottery
Reader’s Digest revealed that while winning the lottery is life-changing and wonderful, about 70 percent of lottery winners lose or spend all of their prize money in less than five years, regardless of the prize amount.
Many winners advise others to be careful with their money and spend it accordingly.
Determining the grand prize, part two
The cost of funding an annuity prize is another key component of the estimated Powerball jackpot.
The annuity factor is composed of interest rates on securities purchased to fund price payments.
According to the lottery, the higher the interest rates, the higher the advertised jackpot.
How is the grand prize determined?
The two most important factors in determining the advertised Powerball grand prize estimate are game sales and the annuity factor.
The lottery says on its website that a number of variables affect game sales, including seasonality or a large Mega Millions jackpot.
Game sales are usually stronger in a Saturday draw than in a Wednesday draw.
Financial advice for winners
Lottery officials strongly encourage big prize winners to seek professional financial advice.
Mega Millions said on its website that the American Institute of Certified Public Accountants offers a variety of financial planning tools and can help find a personal finance specialist.
Can non-US citizens play Powerball?
According to the Powerball website, the lottery is also open to non-US citizens.
Residents of states where Powerball is not offered may purchase a ticket in a state where it is available.
https://www.the-sun.com/money/5375475/lottery-results-numbers-powerball-mega-millions/ Lottery Results LIVE – 5/20/22 The Mega Millions jackpot has a HUGE prize of $131 million after the Powerball draw on 5/18/22