Powerball One ticket wins $473 million jackpot

Friday, April 29, 2022
author picture Mia Chevalier
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Powerball One Ticket Wins $4731 Million Jackpot

If you've just bought a Powerball One ticket‚ congratulations! The ticket matched all six numbers‚ including the Powerball. This jackpot is the seventh largest in Powerball history. But before you claim your prize‚ you need to know how much taxes you'll owe. In fact‚ you'll owe up to $76.18 million in taxes if you win the jackpot cash option.

Powerball One ticket matched all six numbers to win $4731 million jackpot

A Powerball ticket sold in California matched all six numbers and won a jackpot worth $4731 million. The jackpot is the seventh largest in American lottery history. Earlier in the day‚ two tickets in New Jersey matched all six numbers to win $2 million. The jackpot is estimated to be worth about $316.3 million cash and $225.1 million annuitized. The prize amounts include taxes and other fees. Dave Honeywell was coming back from a business trip when he saw a banner in an airport atrium announcing the jackpot winner. He grabbed his ticket and kept it in his pocket. During the February 6 Powerball drawing‚ Dave Honeywell's ticket matched all six numbers and won $217 million. Honeywell had purchased his ticket just a few days before he left for his business trip. He used the Easy Pick option to buy his ticket.

Powerball jackpot climbs to $112 million with cash option of $76.8 million

A New Jersey lottery player has won $1 million for matching all five white balls in Wednesday's drawing. The winning ticket was purchased at a smoke shop in Logan Township‚ N.J. The jackpot for Saturday night's drawing is expected to reach $112 million with a cash option of $76.8 million. One player matched all five white balls for a $1 million prize‚ but didn't play the Power Play option‚ which would have increased her prize to $2 million. Three tickets‚ sold in Michigan‚ matched four white balls and the Powerball. A single ticket from California and Wisconsin matched all six numbers drawn on Feb. 14 and Jan. 5‚ 2022. Another ticket‚ purchased in Florida‚ won the jackpot for $4731 million on Jan. 5‚ 2022. One ticket from South Carolina also won. Another ticket from Florida won a cash option of $76.8 million‚ which is the jackpot amount for the next drawing on March 11‚ 2019. In addition to federal taxes‚ the winner can choose to receive a lump sum or 30 monthly payments spread over 29 years. However‚ most lottery winners opt for the immediate cash amount‚ which would result in a $271.9 million cash option. This would be reduced by 24% of federal taxes. Additionally‚ the prize amount is not the total prize‚ since the winner may have to pay state taxes or additional federal taxes‚ which would deplete the winnings. The winner must claim their prize by 7:08 p.m. on Tuesday to take advantage of the cash option. The prize is guaranteed to be paid out in 30 graduated payments over 29 years. The winner has 180 days to claim their prize. In the meantime‚ there are a number of raffles and instant tickets available for purchase. One Michigan Powerball ticket won a $1.05 billion jackpot in March!

Taxes on Powerball One jackpot

If you win the Powerball One jackpot‚ you may be wondering what your tax liability will be. There are several options for claiming the prize‚ and each will present a slightly different tax burden. For example‚ claiming the jackpot as a lump sum will result in a payout that is 61% less than the advertised jackpot amount. Alternatively‚ claiming the jackpot as an annuity will result in payments of 100% of the jackpot‚ starting with a single initial payment and continuing with annual payments over 29 years. The advertised Powerball jackpot is based on prize pool funds and the projected ticket sales of the next drawing. The amount of tax withheld varies by state‚ but for most lottery winners‚ taxes on their prize payout will be between 24% and 37%. This is a big number‚ and it is vital that you know how much you will pay in taxes before you begin to claim your prize. Using a website like Jackpot Analysis can help you plan your tax burden‚ but you may need to seek professional legal advice. When claiming your prize‚ the most common option is to opt for a lump sum payment. The jackpot payout would be $546.8 million before taxes‚ but if you choose to take the cash option‚ you will have to pay federal taxes‚ which can range from 24% to 37%. State taxes depend on your residency and may be as low as 0% to more than 8%. If you win the jackpot in a lottery‚ however‚ the money will likely be taxed in your home state‚ so it's best to check with your local government. While the odds of winning the Powerball jackpot are long‚ you should know that your prize will be subject to tax. Both the federal government and your state's taxing authority will want a piece of the prize money. And some states are much more lenient when it comes to taxing lottery winnings than others. If you are a resident of New York City‚ you'll need to pay taxes on the amount you won in the Powerball. There are several ways to maximize your prize money. First‚ you can use a tax calculator to estimate your taxes. Just enter the amount of winnings‚ state‚ and taxable income you'd like to receive. Make sure you choose the right state. Choose whether you'd like to take the lump sum or the annuity option. You'll need to fill out this form by the end of the year in which you received the prize. There's another option: filing a tax return. You'll have to show that you won the lottery. You must document the winnings and losses‚ and itemize the deductions on your 1040. It's also important to note that the amount of federal tax you'll have to pay depends on your overall income. For example‚ you may be eligible to claim a tax deduction if your winnings are over $5‚000. If you have other income that's higher‚ you may have to pay up to 50% of your lottery winnings.