Mega Millions jackpot at $1.1B for Tuesday’s drawing. What to know if you win in KY
After another Mega Millions drawing Friday, and another night without a jackpot winner, the grand prize jackpot has now grown to the third-largest in U.S. history: $1.1 billion.
The numbers drawn Jan. 6 were 3, 20, 46, 59, 63 and Mega Ball 13.
According to the Associated Press, there have been 24 drawings with no Mega Millions jackpot winner, stretching back more than two months. It’s due in large part to the game’s long odds: 302.6 million to 1. At those odds, you’re much more likely to be the victim of a serial killer or give birth to quadruplets.
Still, if you were to win the grand prize up for grabs during Tuesday’s drawing – slated to take place at 11 p.m. Eastern Standard Time – we’ve compiled some advice about what to do from insurance company State Farm.
What should I do if I win the Kentucky Lottery?
If you win, you’ll likely be reeling from the shock and eager to claim your winnings as quickly as possible at Kentucky Lottery headquarters in Louisville. However, according to insurer State Farm, you may want to hold off on claiming your winnings.
In Kentucky, for draw games, you have 180 days from the drawing to claim your winnings.
State Farm offers the following advice to follow before turning in your ticket:
Store your ticket in a secure location. State Farms advises making several copies of your ticket, both sides, to show a lawyer and accountant. You should then store the ticket in a safe place, ideally a safe deposit box or a secure personal safe at home.
Get to work assembling a team of advisors. According to State Farm, you’ll want to begin putting together your team immediately. You could need a lawyer, accountant and financial advisor, preferably those who have experience working with large financial windfalls. Also jot down a general plan of what you want to do with the money. Think big picture about your personal, financial, lifestyle, family and charity goals, then return to that plan and flesh it out when you sit down with your advisors.
Keep a low profile if you can. In Kentucky, lottery winners must present their ID and fill out a claim form to receive their prize, but you can choose whether your name is released to the media. There is typically a news conference as well, but you can skip it. The one caveat here is Kentucky Lottery must comply with lawful requests under the state’s Open Records Act. This means the agency would have to make your identity public in that situation. In general, State Farm recommends keeping the news to yourself as much as possible. You might even consider forming a blind trust to keep your name out of the spotlight.
Lump sum or annuity? Most lottery winners opt for the lump-sum payment, which for Tuesday’s drawing is a whopping $568.7 million, according to the state lottery’s website. But there are good reasons not to discount the annual payments you’d receive by taking the annuity. For one, it offers a solid check against the temptation of over-spending while offering you the security of a steady income throughout your adult life. Regardless of what you choose, you should carefully weigh the decision with your team of advisors.
Plan for what happens after you’re gone. You should make setting up your estate a priority. That way, if something should happen to you, your family will be taken care of. In the meantime, you can also have peace of mind knowing your affairs are in order for when the time comes.
At what rate are Kentucky Lottery winnings taxed?
Next to death, the other sure thing in life is taxes, and lottery winners are required to pay them just like everyone else.
In Kentucky, players who claim any prize larger than $5,000 are taxed at rates of 24% at the federal level and 4.5% at the state level. These amounts are withheld at the time you make your claim, according to a Kentucky Lottery spokeswoman.
Do you have a question about the lottery in Kentucky for our service journalism team? We’d like to hear from you. Fill out our Know Your Kentucky form or email ask@herald-leader.com.
