Powerball jackpot skyrockets to massive $1.04 billion after no winner Saturday | CNN
www.cnn.com
The Powerball jackpot has soared to an estimated $1.04 billion after no tickets matched all six numbers in Saturday night’s drawing.

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
      11·
      1 year ago

      The taxes are far less on a yearly basis, but over the course of the annuity you’ll actually pay a lot more in taxes. Rough calculation, if I won this jackpot it would break down to:

      • Lump sum: Immediate payment of $478.2M with a tax bill of around $210M for my state and Federal income taxes. Net payout of $267.8M.

      • Annuity: $1.04B paid over 30 years. At current tax rates that’s a bill of $456.5M over that 30 years. Net payout of around $583.5M. If tax rates change during the term of the annuity those could rise or fall a bit.

      Not like I’ll ever have to worry about the problem,but I think I would take the annuity because I’ve never had to manage a large amount of money, and it more gently eases you into it while giving some buffer to assure you don’t somehow blow through everything quickly.