Jackpots Near $1 Billion in 24 Hours. Wow! What Would You Buy?

While making a quick stop at your favorite Yakima grocery store, it's always enjoyable to run into old friends and catch up over a brief chat. Such was the case with me today, and the impromptu meetup could prove to be more lucrative than just a much overdue visit.

Pictured is Larry Burmaster of Buhrmaster Baking, who had just dropped off some of his incredible bread at Wray's Marketfresh IGA Chalet Place location, and whilst on the way out, he decided to contribute to his retirement fund and purchase some lottery tickets. Now, I didn't get too nosey, so I'm not sure which lottery games he plays, but I did notice that the jackpots for both MEGA MILLIONS and POWERBALL are approaching very high amounts! So after our conversation, I picked up the items on my grocery list and proceeded to buy a couple of each of those tickets.

How Much Money is in the MEGA MILLIONS Jackpot in Tuesday's Drawing?

There's a whopping $432 Million dollars in the jackpot tonight, which is getting very close to half a billion dollars. The one-time payout is a measly $312.8 Million, but I supposed I could get by on that paltry sum.

How Much Money is in the POWERBALL Jackpot in Wednesday's Drawing?

Currently, the estimated jackpot for Wednesday's drawing is $490 Million dollars, with a one-time payout of $355.1 Million dollars. Wow. It occurs to me that this amounts to nearly $1 Billion dollars up for grabs in a 24 hour period.

How Much in Federal Income Tax do Lottery Winners Have to Pay?

This is a question for your financial and tax advisor, but the rule of thumb I've been hearing from those in the know is to plan on about 40% of the NET going to Uncle Sam. I think we all can imagine that with that kind of money, one could afford a savvy number cruncher who could save you substantial dollars in a situation such as this. Good Luck!