What to Do After Winning a Lottery Jackpot

If you’ve recently won a lottery jackpot, there’s a good chance you’re wondering what to do next. The first step is to file for an award. It’s important to know that each state has its own rules regarding who can claim a jackpot. It’s also helpful to keep your identity private if you want to avoid scams or long-lost “friends” contacting you.

The Powerball and Mega Millions jackpots are two popular lottery games with a high jackpot prize. The Powerball jackpot is a bit smaller, but it’s still a good chance to win a prize worth at least $587 million. If you’d like to cash out your winnings, you can claim a cash option of $58.7 million from the Powerball website.

The taxes on lottery winnings vary by state. For instance, in California, a lottery jackpot winner would pay no income tax. Similarly, a lottery winner in Delaware wouldn’t pay any income tax on their winnings. However, in many smaller jurisdictions, taxes on lottery winnings are imposed in addition to Federal income taxes.

In January 2021, a lucky ticket holder in Michigan won the third-largest U.S. lottery prize in history – $1.586 billion. The winner of the prize remains anonymous. The winning ticket was purchased by a lottery club in the Detroit suburb of Novi. The club’s lawyer claimed the prize in March 2021.