The Powerball jackpot is now $1.3 billion, the game's fourth-largest prize. Most people still buy tickets in person, but lottery apps could change that as more states approve online purchases. The winner can choose a lump sum of $608.9 million or an annuity worth $1.3 billion, both of which are pretax estimates. The next drawing is Saturday at 10:59 p.m. ET.
The Powerball jackpot has reached an astounding $1 billion, with the next drawing scheduled for Monday night. The winner has two payout options: a lump sum of $483.8 million or an annuity worth $1 billion paid out over 29 years. While the lump sum may be tempting, experts warn that it could be difficult to manage without financial guidance. The annuity provides a guaranteed stream of income, which could be a wiser choice for some winners.
A lucky New Jersey resident has won the $1.128 billion Mega Millions jackpot. However, they will face significant tax deductions. The federal government will automatically withhold 24%, while New Jersey will take another 8%. Depending on the payment option the winner chooses, they could owe up to an additional 13% in federal taxes and 10.75% in state taxes. Overall, the winner can expect to lose nearly half of their winnings to taxes.
The Mega Millions jackpot has reached $1.1 billion, but the winner could face challenges if they aren't prepared. They must choose between a lump sum or annuity payout, both of which are subject to taxes. Additionally, claiming the prize via a trust or LLC and creating a written agreement when pooling money are important considerations to protect the winner's privacy and avoid legal disputes.
