The Powerball jackpot has soared to an estimated $1.04 billion after no tickets matched all six numbers in Saturday night’s drawing.

Saturday night’s drawing produced white balls 19, 30, 37, 44 and 46 and red Powerball 22.

The $1.04 billion prize – an estimated $478.2 million in cash value – is the second-largest jackpot this year, topped only by a $1.08 billion prize won on July 19 by a ticketholder in California.

  • Evilcoleslaw@lemmy.world
    link
    fedilink
    arrow-up
    6
    arrow-down
    1
    ·
    edit-2
    1 year ago

    The taxes are not included in that figure. That’s the actual prize pool money they’d have on hand in case of a win. The advertised jackpot is an estimate of an annuity paid off investing that prize pool in securities over the course of 30 years

    The lottery will withhold 24% for federal income tax – but you’d likely owe more as the vast majority of that income will wind up taxed at 37%. Then there’s also state income taxes in most places.

    If I win this jackpot and take the lump sum it would break down something like:

    $478,200,000

    -$33,474,000 (7% state tax)

    -$176,898,427 (37% federal tax)

    = $267,827,573 (total after tax)