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Indianapolis Star
2 hours ago
- Business
- Indianapolis Star
Powerball hits highest jackpot of year; Here's where winners could claim it anonymously
The Powerball jackpot has hit the high-water mark of $605 million, attracting players for the highly anticipated drawing on Monday, Aug. 18 at 11 p.m. ET. The grand prize, though sizeable, still has a way to go before it can rank among the top ten Powerball jackpots. To reach the tenth spot, the prize must surpass $731.1 million, which was won in Maryland on Jan. 20, 2021. To claim the top spot, the total payout would need to be over $2.04 billion, which was won in California on Nov. 7, 2022. Laws in some states would allow a winner to claim the jackpot anonymously. If the first winner since the May 31 drawing is in one of those states, we may never know who it is. Aug. 18's jackpot clears all prize-size requirements in states that have them. Arkansas is the only state that grants anonymity for winners on a temporary basis, with the identities of winners in the state shielded for three years. Here are the places where winners can claim lottery prizes anonymously, along with the requirements for doing so. The 'smartest thing' a player can do, in the event of beating the one in 292,201,338 odds, is keep calm and carry on, financial advisers shared with USA TODAY back in 2024. Avoid posting any and all details of your win on social media and limit who you tell about your windfall. 'If you're lucky enough to win the lottery, keep it quiet,' Rob Burnette, an Ohio-based financial adviser at Outlook Financial Center, said. 'Get organized and make a plan. Consider staying anonymous, if it's a possibility.' If you find yourself in a situation where you stand to inherit millions of dollars, the best thing to do is get in touch with financial experts right off the bat so scammers don't have the chance to take advantage before you can cash in. Steve Azoury, owner of Azoury Financial in Troy, Michigan, who has advised many lottery winners, told USA TODAY that a $181 million winner said,' 'If I didn't know you before, I don't want to know you now.'' 'Get a tax attorney and a tax accountant right off the bat and then a financial adviser,' Azoury said. 'They'll work hand in hand to figure out the plan.' Tickets can be purchased in person at gas stations, convenience stores and grocery stores. Some airport terminals may also sell lottery tickets. You can also order tickets online throughJackpocket, the official digital lottery courier of the USA TODAY Network, in these U.S. states and territories: Arizona, Arkansas, Colorado, Idaho, Maine, Massachusetts, Minnesota, Montana, Nebraska, New Hampshire, New Jersey, New York, Ohio, Oregon, Puerto Rico, Washington D.C. and West Virginia. The Jackpocket app allows you to select your lottery game and numbers, place your order, view your ticket, and collect your winnings — all using your phone or home computer.
USA Today
6 hours ago
- Business
- USA Today
Powerball hits highest jackpot of year; Here's where winners could claim it anonymously
The Powerball jackpot has hit the high-water mark of $605 million, attracting players for the highly anticipated drawing on Monday, Aug. 18 at 11 p.m. ET. The grand prize, though sizeable, still has a way to go before it can rank among the top ten Powerball jackpots. To reach the tenth spot, the prize must surpass $731.1 million, which was won in Maryland on Jan. 20, 2021. To claim the top spot, the total payout would need to be over $2.04 billion, which was won in California on Nov. 7, 2022. Laws in some states would allow a winner to claim the jackpot anonymously. If the first winner since the May 31 drawing is in one of those states, we may never know who it is. Aug. 18's jackpot clears all prize-size requirements in states that have them. Arkansas is the only state that grants anonymity for winners on a temporary basis, with the identities of winners in the state shielded for three years. Here are the places where winners can claim lottery prizes anonymously, along with the requirements for doing so. Lucky or unlucky numbers? With biggest jackpot in 2025, these Powerball numbers haven't won for weeks Map: Where lottery winners can remain anonymous What should you do if you win the Powerball? The 'smartest thing' a player can do, in the event of beating the one in 292,201,338 odds, is keep calm and carry on, financial advisers shared with USA TODAY back in 2024. Avoid posting any and all details of your win on social media and limit who you tell about your windfall. 'If you're lucky enough to win the lottery, keep it quiet,' Rob Burnette, an Ohio-based financial adviser at Outlook Financial Center, said. 'Get organized and make a plan. Consider staying anonymous, if it's a possibility.' If you find yourself in a situation where you stand to inherit millions of dollars, the best thing to do is get in touch with financial experts right off the bat so scammers don't have the chance to take advantage before you can cash in. Steve Azoury, owner of Azoury Financial in Troy, Michigan, who has advised many lottery winners, told USA TODAY that a $181 million winner said,' 'If I didn't know you before, I don't want to know you now.'' 'Get a tax attorney and a tax accountant right off the bat and then a financial adviser,' Azoury said. 'They'll work hand in hand to figure out the plan.' Where to buy lottery tickets Tickets can be purchased in person at gas stations, convenience stores and grocery stores. Some airport terminals may also sell lottery tickets. You can also order tickets online through Jackpocket, the official digital lottery courier of the USA TODAY Network, in these U.S. states and territories: Arizona, Arkansas, Colorado, Idaho, Maine, Massachusetts, Minnesota, Montana, Nebraska, New Hampshire, New Jersey, New York, Ohio, Oregon, Puerto Rico, Washington D.C. and West Virginia. The Jackpocket app allows you to select your lottery game and numbers, place your order, view your ticket, and collect your winnings — all using your phone or home computer. Contributing: Medora Lee, Amaris Encinas – USA TODAY
USA Today
7 days ago
- Business
- USA Today
Is inflation eating your savings? How the 'Big Beautiful Bill' offers some relief
President Donald Trump's tax and spending package introduces annual inflation adjustments on many new items that will give Americans much needed help to better keep up with rising prices, even if it may reduce government revenue for programs. The mega tax law, dubbed Trump's Big Beautiful Bill,has made more items 'indexed to inflation,' or set to receive an automatic cost-of-living adjustment each year. Americans already see these annual inflation adjustments in Social Security benefits, for example. The adjustments help preserve purchasing power or stave off an increase in tax burdens because of inflation. Without indexing, the value of benefits would decrease over time, analysts said. How Child Tax Credit lost value Th popular Child Tax Credit (CTC) is a prime example of how an unindexed tax provision gets eroded over time, analysts said. From 2018 to 2024, the CTC's $2,000 maximum value and its income eligibility thresholds have remained the same. "The bout of unexpectedly high pandemic-era inflation means that the CTC's real value has been eroded in recent years," wrote John Ricco, associate director of policy analysis at The Budget Lab at Yale, in April. If it had been indexed to inflation, the CTC's value would have been $2,600 by 2026, he said. Additionally, fewer parents in 2026 (87%) would have benefitted than in 2018 (91%), he estimated. "But the per-child average benefit, expressed in 2026 dollars, would fall from $520 in 2018 to $400 in 2026 − a decline of one-quarter," Ricco said. What new items will the new tax and spending act adjust for inflation? Items that will begin being indexed for inflation in 2026 include: Beginning in 2028, the $5,000 so-called "Trump account" and $2,500 employer contribution to such accounts will become inflation adjusted. 'This is something we've needed for some time,' said Rob Burnette, investment adviser representative and professional tax preparer at Outlook Financial Center. Americans are hurt without inflation adjustments, he said. Why isn't everything indexed to inflation? But even though inflation adjustments are positive for taxpayers, the Treasury loses necessary revenue to fund programs when they're in place, some financial experts say. 'Indexed for inflation is always good for a taxpayer,' said Richard Pon, a certified public accountant in San Francisco. 'Unfortunately, not all amounts are indexed for inflation as that would increase tax benefits and decrease Treasury revenue.' For instance, those lawmakers who drew up the legislation in 1983 to tax Social Security chose not to adjust the thresholds to inflation so that eventually everyone would pay income tax on benefits, Senate records show. More revenue collected from taxing Social Security help keep the fund solvent. In 2023, 3.8% of the Social Security trust fund's income came from taxing those benefits, according to the 2024 Social Security Trustee Report. That's forecast to rise to 6.6% in 2033 as more people pay taxes on their benefits. Income thresholds to determine who must pay taxes on Social Security benefits have not been adjusted for inflation since taxes on the benefits were introduced in 1984. That means with each passing year, an increasing proportion of seniors have been reaching those low thresholds and paying taxes on their benefits. In 2021, about half of beneficiaries paid income tax on their Social Security benefits, according to the Congressional Budget Office. By 2050, that's expected to rise to more than 56%, a Social Security analysis said in 2015. 'To be responsible about it, there would be a need to find revenues to replace what would be lost,' said Jordan Gilberti, senior lead planner and certified financial planner at financial advisory Facet. Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@ and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
