Powerball Jackpot Soars to $725 Million – Find Out How to Win Big!

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No Winner in Monday’s Powerball Jackpot Drawing – Could You Be the Next Millionaire?

Highlights

“Wow, can you believe it? The Powerball jackpot reached an estimated $725 million on Monday night, but no one won!

It’s one of the biggest prizes in the game’s history.

But keep in mind, the prize amount drops quite a bit after taxes. In fact, there’s a mandatory 24% federal withholding before winners even see a penny of that multimillion-dollar jackpot.”

Don’t throw away that ticket just yet though, there were a few winners of smaller prizes.

Two tickets purchased in Texas matched 4 of the 5 the numbers and the Powerball, which is worth $100,000 with the Power Play.

There was also a $2 million winner in Iowa and a $1 million winner in California.

The next Powerball drawing is Wednesday and will be worth a whopping $725 million. 

That is the seventh-highest for a Powerball drawing ever.

You could win a lot of money if you play Powerball on Wednesday. It is one of the biggest prizes ever. But you will have to pay a lot of taxes.

You can choose how to get the money if you win: either all at once or a little bit every year. The first option gives you less money but faster. The second option gives you more money but slower.

The lottery is different because you can get the money in 30 years instead of right away. This is called annuity payments. A financial planner named John Chichester Jr. said this can help you save on taxes.

You can use the annuity payment to invest the money in a smart way that pays less taxes, said Chichester, who knows a lot about money and taxes.

Power Ball Jackpot

It is very hard to win the Powerball jackpot. You have a 1 in 292 million chance.

No one has won the Powerball jackpot since April 19. A ticket in Ohio won $252.6 million at that time. There have been 34 consecutive drawings without a winner for the jackpot.

The Mega Millions drawing on Tuesday night has a jackpot of $480 million.

Before winners receive any money from the multimillion-dollar jackpot, a mandatory 24% of the winnings goes to the IRS (Internal Revenue Service). This applies to winnings over $5,000.

If you opt for the cash option of $366.2 million, the 24% withholding automatically reduces your share by around $88 million. However, it’s important to note that many taxpayers mistakenly believe they are exempt after the initial 24% deduction.

“The 24% is deducted upfront, but you still have to pay the remaining 13% at a later point,” explained Chichester.

Depending on where you live and where you bought the ticket, you might also have to pay state taxes. Not all states have income taxes or tax lottery winnings, but some have high tax rates, with top-income brackets exceeding 10%.

The Powerball is not the only opportunity to win a large sum. The current estimated jackpot for the Mega Millions drawing on Tuesday night is $500 million. The odds of winning the jackpot in that game are approximately 1 in 302 million.

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