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.
Yes. They withhold taxes, and at that point it’s all in the highest bracket, and you haven’t had the cash to get a bunch of credits and deductions.
Some lotteries offer an annuity style payout, over 20 years. This can reduce the tax implications over the whole life, but inflation and not having the money invested can eat it up.
It’s a trade off that would be great to have to worry about.