The United States of America has accumulated some of the largest jackpot winnings from a lottery game. Indeed, it appears that lottery players have been successful at taking home record-setting prizes over the years.
When a player wins a large prize, all of their lottery winnings will be subject to Federal taxation. This means it automatically is reported to the Internal Revenue Service, but the winnings have to be at least $600.
Depending on where you live, some of the smaller jurisdictions also have various taxes. The IRS requires a minor withholding of 25 percent of the prize, subtracting the wager, of any gambling winnings that are in excess of $5,000.
However, the net amount for a large prize often is misleading. This is because players that win typically owe the IRS more money upon filing a return since the Federal withholding was lower than the winner’s tax obligations were.
Looking back at the earlier versions of these large jackpot games, some of these U.S. state lotteries were actually “annuity only” options. These lotteries eventually introduced a “cash option” or a lump sum amount to be taken instead of a long-term payout for these games.
Since there has been a higher rate of growth, one annuitized jackpot can have a higher cash value than compared to a larger annuitized jackpot that has a lower cash value. For example, even though both the Mega Millions’ and the Powerball’s annuities have the option to be paid out in 30 annual installments, the Mega Millions’ has annuity payments that increase five percent yearly.
When looking at the Powerball annuity payments, they increase theirs at four percent yearly. This allows the Mega Millions’ annuity installments to be somewhat more “inflated.”
The prizes that are listed below are pre-withholdings and are the annuity amount. This means that this is taxable income that the player has to report on their tax returns in order to be subject to taxation.
This list of U.S. lottery drawings also has a value of at least $300 million or more when looking at the annuity value and has at least one jackpot-winning ticket.
Below is a look at the 10 largest U.S. jackpots. You will see the locations of the winning prizes and the states where the winning tickets were sold at:
The New York lottery introduces the Money Dots game, this is a fast-paced game which has draws every four minutes. With ‘Money Dots’ you get a chance to win up to $50 on a $1 play, the draws take place immediately after the Quick Draw winning numbers have been picked.
The draws for Money Dots are held daily after every 4 minutes, except for a short break from 3:30am to 4:00am Eastern Time. You can pick up Money Dots tickets at any Quick Draw retailer
Money Dots is a Quick Pick-only game, so your numbers will be randomly chosen by the lottery computer and you’ll receive a ticket with eight numbers between 1 and 80.
It’s super-simple to try your luck on Money Dots – just ask any Quick Draw retailer for a Money Dots Quick Pick. Or you can complete a Money Dots play slip with the number of draws you want to play – up to 20 consecutive draws. Alternatively, select “Yes” at the bottom of a Quick Draw play slip to play Money Dots.
Here is another great promotion from the Minnesota lottery which will see you win an autographed Gopher gear as Minnesota lottery is a proud sponsor of Gopher Athletics.
By participating in this promotion, you can win yourself a helmet and football each autographed by Coach Fleck, in addition, you can also win a $500 gift card to Goldy’s Locker Room and some great Lottery gear
You must hurry and enter the promotion by December 22nd for your chance to win!
Terms and Conditions
You must be registered with Minnesota Lottery in order for you to participate.
You must be a resident of Minnesota.
Odds of winning vary according to the number of participants.
A great second chance draw which sees one lucky entrant get the top prize of $200,000 and 100 other entrants winning $1,000 each. This particular promotion is based on the non-winning NM-360 $200,000 Fortune tickets.
How to Enter?
In order to enter, you must click on the My Rewards button on the promotions page or enter through the Official New Mexico Lottery app and sign into your My Rewards account or sign up for one.
Go to the “Enter Ticket” tab and enter your non-winning NM-360 $200,000 Fortune ticket(s)
If you are using a computer, enter the Ticket Number on the back and the Entry Number on the front of the Scratcher and if you are using the app, you can scan the barcode on the front of the Scratcher.
You will automatically be entered in to the $200,000 Fortune Second-Chance drawing for a chance to win $1,000
A great promotion for VIP club members which runs until the 25th of December 2020, Christmas Day.
This is a second chance promotion for your non-winning tickets where you get 4X the Entry Value on eligible, non-winning Holiday Scratch-Offs.
Non-winning $1 and $2 Eligible Games must be combined with other Scratch-Offs tickets to complete the $10 entry.
Eligible games for this promotion are;
$1 Happy Holidays
$2 Happy Holidays
$1,000,000 Spectacular
Terms and Conditions
The Promotion Period for the Holiday Scratch-Offs Promotion is December 7, 2020 – December 25, 2020.
The New Jersey Lottery may declare any Eligible non-winning Scratch-Offsticket purchased during the Promotion Period void if it is stolen.
Promotion odds vary based on amount of Eligible non-winning tickets entered into the Promotion and the applicable quarterly Million Dollar Replay drawing.
From 15 December 2020 to Monday 15 February 15, 2021, you have the opportunity to enter a clean room package promotion from the North Dadoka lottery and win.
Please note that in this particular promotion, if you are a North Dakota Lottery Players Club member, you can use your Players Club points to enter into a special Points for Drawings promotion.
For you to have a chance to win a Clean Room Package, you must have a total of 20 points.
Terms and Conditions
Points redeemed for a Points for Drawings promotion earn entry into the drawing. The odds of a player being selected to win the prize in each drawing depend upon the number of entries purchased through the redemption of points by all players.
The point cost of an entry into a Points for Drawings™ promotion will be displayed on the website for each drawing.
To use Points for Prizes points to redeem entries into a Points for Drawings promotion, a player must select the drawing on the North Dakota Lottery Players Club® website that he or she wishes to enter, designate the quantity of entries, and submit the order.
It is the player’s responsibility to ensure that the appropriate drawing and quantity are selected.
Once the entry order has been submitted, points will be deducted from the player’s Points for Prizes account and cannot be canceled or returned for the point value of the entries
We are already in the festive season and Oregon Lottery knows the right way to treat their customers in such a special time and they are offering you a chance at a top prize of $50,000!
In this promotion, Oregon Lottery is giving away a full pack of Winter Magic Scratch-its to each of three lucky winners, the lucky winners will win 50 tickets to give as gifts, or scratch on your own.
For you to enter this exciting promotion, you must do so via your Facebook profile.
How to Enter?
In order for you to enter the competition, you must;
Comment on Oregon Lottery’s Facebook post about this promotion with your favorite holiday outfit. Here is the link for the post https://www.facebook.com/ORlottery/photos/a.497046297048097/3589516727801023/
Comment on this Facebook post with your fantasy winter vacation destination. Could be anything – sentences, images, gifs, etc.
Wait to see if you’ve won (winner announced via a Facebook reply to your comment).
Terms and Conditions
You must be 18 years old or older to enter.
You must be an Oregon resident to win.
Only one (1) entry per person.
Three (3) random winners will be drawn.
The cut off for entries is 12/16/2020 at Noon
2020 is an unforgettable year especially because of Covid 19 and this year will be remembered for decades to come and people cannot wait for the new year with the hope that it will bring good fortune.
Minnessota lottery has a great promotion which is aimed at celebrating the new year with 21 prize packs for their members. The good thing about this promotion is that it is absolutely free and you must enter by January 5, 2021 in order to win yourself $100 cash, a lottery journal and a warm and fuzzy lottery blanket.
Please note that this promotion is for registered clients only and if you are not registered, please do so before the competition ends. Once you are logged in, entering the competition will only take a few minutes.
2020 is an unforgettable year especially because of Covid 19 and this year will be remembered for decades to come and people cannot wait for the new year with the hope that it will bring good fortune.
Minnessota lottery has a great promotion which is aimed at celebrating the new year with 21 prize packs for their members. The good thing about this promotion is that it is absolutely free and you must enter by January 5, 2021 in order to win yourself $100 cash, a lottery journal and a warm and fuzzy lottery blanket.
Please note that this promotion is for registered clients only and if you are not registered, please do so before the competition ends. Once you are logged in, entering the competition will only take a few minutes.
Here is your chance to win a cool $20,000 which you can use during the festive season and beyond in the Winner Wonderland Giveaway. There is more, you can also earn daily chances to win instant online and in-store offers.
The entry period for this promotion is before the 13th of February 2020 so hurry and enter in time. Please note that the Grand Prize Draw will be held 3 days later on the 16th of December 2020.
How?