This weekend’s Powerball drawing is one for the file books — the $1.8 billion jackpot is now the sport’s second-highest prize of all time. (The world file is the $2.04 billion Powerball jackpot, which was gained in California on Nov. 7, 2022.)
The successful ticket has an estimated money worth of $826.4 million.
“Pleasure is constructing as gamers sit up for tomorrow night time’s drawing for this historic jackpot,” stated Matt Strawn, Powerball Product Group Chair and Iowa Lottery CEO, in a press release. “We encourage everybody to play responsibly and take delight in understanding that each $2 ticket additionally helps help good causes of their group.”
Associated: 1000’s of Lottery Gamers Had been Mistakenly Informed They Gained Tens of millions
Saturday’s Powerball drawing can be live-streamed on Powerball.com, broadcast stay at 10:59 p.m. ET from the Florida Lottery draw studio in Tallahassee. Powerball tickets value $2 and are offered in 45 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.
How A lot Cash Will the Winner Obtain?
A 24% federal tax is imposed instantly. Then, for the reason that winner has skyrocketed themselves (in the event that they weren’t there already) into the best tax bracket (37%), the leftover tax can be paid when submitting 2025 taxes.
CNBC notes that many states then add on a 2.5% to 10.9% earnings tax, although eight states (California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming) do not tax lottery winnings. In all the above states, the winner would take house probably the most cash accessible, with a lump sum of $520,674,980 or an annuity of $1,135,289,400, in line with USAMega.com and CNBC.
On the other finish, the states the place the winner will obtain the least after taxes are:
- New York (lump sum: $430,597,380; annuity: $939,089,400)
- New Jersey and Washington, D.C. (lump sum: $431,836,980; annuity: $941,789,400)
- Oregon (lump sum: $438,861,380; annuity: $957,089,400)
- Minnesota (lump sum: $439,274,580; annuity: $957,989,400)
- Maryland (lump sum: $442,166,980; annuity: $964,289,400)
- Massachusetts (lump sum: $446,298,980; annuity: $973,289,400)
- Vermont (lump sum: $448,364,980; annuity: $977,789,400)
Associated: I Gained $28 Million within the Lottery After I Was 21. It Modified Every little thing.
This weekend’s Powerball drawing is one for the file books — the $1.8 billion jackpot is now the sport’s second-highest prize of all time. (The world file is the $2.04 billion Powerball jackpot, which was gained in California on Nov. 7, 2022.)
The successful ticket has an estimated money worth of $826.4 million.
“Pleasure is constructing as gamers sit up for tomorrow night time’s drawing for this historic jackpot,” stated Matt Strawn, Powerball Product Group Chair and Iowa Lottery CEO, in a press release. “We encourage everybody to play responsibly and take delight in understanding that each $2 ticket additionally helps help good causes of their group.”
The remainder of this text is locked.
Be a part of Entrepreneur+ as we speak for entry.
