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Powerball Jackpot Rises To $925 Million, Check The Amount That Winner Will Get

The payout options for the next draw's winner include a lump sum payment of $432.4.

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Powerball Jackpot Rises: No tickets matched all six numbers chosen on Wednesday night, increasing the Powerball jackpot to $925 million, the fourth largest in the game’s history. However, the eventual winner will receive a much lesser sum after taxes.

The payout options for the next draw’s winner include a lump sum payment of $432.4 million or a $925 million payout split into 30 annual installments, which is frequently the more preferred option.

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After a 24% statutory federal tax withholding, the lump sum payment will be reduced to $328.62 million.

The winner’s earnings could be reduced to $272.41 million by a federal marginal rate as high as 37%, depending on their final taxable income.

If the 37% federal marginal rate is used, the winner’s annual payments under the installment plan, which are currently about $30.83 million, might fall as low as $19.42 million.

As some jurisdictions, like New York, tax lottery winnings at a rate of 10.9%, others, like Texas, Florida, and California, don’t tax them at all, the winner’s earnings may be subject to additional taxes depending on the state in which they reside.

A ticket holder will have to overcome improbable odds of 1-in-292.2 million in order to win the enormous Powerball jackpot. Even worse, the odds of winning the Mega Millions jackpot are 1-in-302.6 million.

Powerball Lottery Winning Number September 11, 2023: Jackpot $523 Million

Powerball Jackpot Rises To $925 Million

$1.94 trillion. That is the amount of the biggest lottery jackpot ever won in the United States, which a Californian Powerball ticket holder did in November of last year.

The $1.6 billion Mega Millions jackpot was won last month by a single ticket purchased in Florida; it was the game’s largest-ever payout and the year’s biggest lottery win overall. Officials verified on Wednesday that the winner came forward and accepted their award on Monday. But the winner’s identity remained a secret since Florida law permits prize winners to maintain their anonymity for up to 90 days following their claim.

Sweta Bharti
Sweta Bharti
Sweta Bharti is pursuing bachelor's in medicine. She is keen on writing on the trending topics.

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