The Powerball jackpot has grown again after another draw without a winner and now gives an estimate $1.7 billion for the night of December 24th. The number is shocking, but… Federal and state taxes They significantly reduce the amount the winner ultimately receives.
The total advertised price is $1.7 billionbut the organizers offer an alternative One-off payment. In this case it is Cash value stays in $781.3 million.
Accordingly ForbesIf you choose immediate payment, a mandatory federal withholding tax of 24%. Taking this as a reference, the amount is $593.8 million. However, as the value of the prize empowers the winner highest income tax bracketa rate of 37%which reduces the final money to $492.2 million.
Forbes also states that in addition to federal tax Some states apply their own rate to lottery winnings. In new YorkFor example, up to a discount can be granted 10.9% additional. Instead in Texas, Florida either CaliforniaThere is no state tax on this income.
Another alternative is to opt for the pensionwhich distributes the prize 30 annual paymentswith a 5% increase every yearaccording to the Powerball scheme. With a total pool of $1.7 billionHe The average wage is around $56.7 million per year before taxeswith lower acquisition costs And increasing amounts towards the end of the period. After applying the 37% highest federal tariffthe over accumulated net income three decades would be nearby $1.07 billionas long as there are no state taxes.
He Powerball costs $2 per game and it’s about choice five numbers from one to 69 And an additional number from one to 26according to the red ball. The draws take place three times a week and the pot grows until someone hits all the winning combinations, they explain on their site.
Players can also opt for the feature Power play allowed Multiply secondary prices by an additional dollar.
Powerball drawings are broadcast live every day Mondays, Wednesdays and Saturdays at 10:59 p.m. (ET) from the Florida Lottery Studio in Tallahassee.
They can also be streamed on and through Powerball’s YouTube channel, where clips and replays of each extraction are posted.
On the Powerball website you can check if a The ticket was a winner or if a specific combination was drawn in the last five years.
To do it, The numbers played must be enteredselect the Powerball game and define a date range, for example the last 30 days. The system only shows matches with winning combinations, making it easy to check quickly and directly.
Purchasing Powerball tickets online is only possible in some lotteries and exclusively for residents of this jurisdiction.
Online or interstate mail order sales are restricted, and lotteries may refuse to pay winnings for tickets purchased on unofficial websites. If in doubt, we recommend contacting the local lottery directly.
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