If you win the lottery you can give some of your enormous loot to your close family and friends, but you also have to fork out something to the IRS. Buzz60's Mercer Morrison has the story
SAN FRANCISCO – The Mega Millions lottery has created a ticket-buying frenzy with its $ 1.6 billion world record jackpot, the result of 25 consecutive drawings, in which nobody reached the required six numbers.
Another day without a big winner would push the price up to a staggering $ 2 billion.
While the lottery authority provided this number, they pointed out the likelihood that a winner would turn up when the drawing took place today at 11 pm SUMMER TIME. At the time, they expect to buy 75 percent of the 302.5 million number combinations as participants have seized the opportunity to play at dizzying speeds.
More: Lottery: Wait! Read these tips before joining the Mega Millions office pool
At one point, the Floridians bought almost 550 tickets per second last weekend, and that was before the $ 868 million bet on the current Bonanza nearly doubled , Some convenience store managers gave their signs to $ 999 million because they only had room for three digits. Other improvised handwritten characters to reflect the actual number.
Lotto fever grew so strong on Monday that the Mega Millions website crashed.
That was the gigantic sum of $ 1.6 billion. Making up to $ 2 billion would be downright absurd. Note that the $ 400 million difference was paid only seven times in a Mega Millions jackpot, as this multi-state lottery brand was introduced in August 1996 under the name Big Game.
Suddenly the Powerball drawing on Wednesday at $ 620 seems to be puny millions, like the previous Mega Millions record payout of $ 656 million shared on March 30, 2012 by winners in Illinois, Kansas and Maryland.
The increase in reward was no coincidence.
Two years after Powerball increased the chances of winning, but also the potential lure, as the size of the jackpots was built over weeks without weeks, followed Mega Millions last October. The cost of tickets has doubled to $ 2, the starting price has been increased to $ 40 million and second-stage payouts have increased to $ 1 million.
As the potential pitfalls accumulate, the extraterrestrial numbers attract the attention and chatter of the media, which in turn raises public interest, which normally would not buy tickets.
Matt Carlson, a 33-year-old ironworker, stepped in. When he ate an energy drink on Monday and noticed the $ 1.6 billion under the Mega Millions sign, he bought a lottery ticket for the first time.
"I do not even know how it works," he said. "I just know they have a drawing, right?"
In fact, and five of the ten largest in the history of the United States have taken place in the last three years, without the imminent, which was the biggest of all.
But even though they are colossal in every way, the payoffs are not quite what they seem. Whoever demands today's price would have to pick the 30-year annuity to collect all $ 1.6 billion. Most winners are opting for the cash reward, which has soared from an estimated $ 904 million to $ 913.7 million, lottery officials said Tuesday.
And, depending on the state, tax liabilities could consume almost half of them (19659008) Asset managers advise lottery players to shy away from common pitfalls that have driven some previous winners to financial ruin. Jay Schechter of singer Xenos Wealth Management in Miami said some of these traps include:
• Buying expensive luxury items like fancy cars and jewelry that tend to depreciate.
• Making risky investments, such as buying or opening a restaurant (19659008) • Financial support from several relatives and friends, without understanding the cost.
• Live Alive and Set Little Money aside
None of these concerns has Gabriel Ortiz, 28, of Oakland, who was on Monday for a job interview with the post office in San Francisco and decided to go to another lottery ticket location after having run out in the last 25 drawings
Ortiz, who recently gave up his job in a bakery, dreams of buying houses for his mother, grandmother and sister, and another for him and his younger brother to live together.
But he would not retire from the workforce when he landed the big wi (19659008) "If I won, I would probably work a few years," he said, "because I do not want anyone to think I would only be a billionaire.
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