DES MOINES, Iowa — Despite the terrible odds – one in 302.5 million – someone will eventually match all six numbers and win the Mega Millions jackpot, now at $900 million. It could happen as soon as Friday night, when the next drawing is held.

Here are some answers for someone holding that prized lottery ticket.

I’VE WON. NOW WHAT?

Lottery officials recommend winners take a deep breath, put their winning ticket in a safe spot and consult with a financial planner before popping over to the lottery headquarters. Their first decision is whether to take the cash option, which would now be $513 million, or an annuity, with one initial payment and annual installments over 29 years. Nearly all winners opt for cash, but the annuity has advantages, as it reduces the tax bill a little and offers a stable flow of income that climbs by 5 percent annually.

HOW LONG DO I HAVE TO CLAIM THE JACKPOT?

Depending on where you purchased the ticket, you have from 180 days to a year.

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DO I GET MY MONEY INSTANTLY?

No, you can’t just cash one of those oversized checks shown in all the winner photos. Payment speed also varies by state, but a week or two is common.

CAN I KEEP MY NAME SECRET?

Winners can remain anonymous in six states – Delaware, Kansas, Maryland, North Dakota, Ohio and South Carolina. In Arizona, people who win more than $600 can keep their names secret for 90 days after claiming prizes, but after that names are public record. In Michigan, winners are anonymous unless they win Mega Millions or Powerball prizes.

WHAT ABOUT TAXES?

For winners of $5,000 or more, all states automatically deduct 24 percent in federal taxes but state taxes vary widely. .


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