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Yesterday$20,000,000Estimated jackpotWinning numbersPowerball07/03- 02
- 26
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- 57
- 22★
Drawing days Wednesday & Saturday at 10:59pm ET / 7:59pm PTwww.powerball.comApr 14, 2023 · If you are looking at a $12 million payout -- roughly the lump sum option for a $20 million jackpot -- you'll pay $2,880,000 in taxes before you see a penny. Now you are down to $9,120,000 in your pocket.
6 days ago · As we mentioned already, the winner may claim their Powerball jackpot in its cash value, or, in other words, as a lump sum. When choosing this option, the winner is paid in one lump sum. However, the cash value payout of the jackpot is much less than the one offered for an annuity Powerball payout.
Choosing the lump sum, also known as the cash option, reduces the jackpot size to approximately 61% of the original amount, but awards it all at once to the player. On the other hand, the annuity option awards the winner with the full amount or 100% of the jackpot – starting with one initial payment, followed by annual payments over the next ...
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Here’s how much taxes you will owe if you win the current Powerball jackpot. You can find out tax payments for both annuity and cash lump sum options. To use the calculator, select your filing status and state.
Powerball Jackpot for Sat, Jul 6, 2024. $20,000,000. $9,500,000. Gross Prize. 30 average annual payments of $666,667. Cash: $9,500,000. - 24% federal tax. - $160,000. - $2,280,000.
Why is the cash option different than the advertised jackpot? The Powerball jackpot is an estimated 29-year annuity value, with a total 30 payments (the first payment happens right away, followed by 29 annual payments).
Powerball winners have 60 days to opt to receive their winnings in 30 annual payments over 29 years or to take a reduced cash lump sum. Find out more here.
A Powerball jackpot winner may choose to the receive their prize in 30 annual payments or a one-time, lump-sum cash payment. The cash value option, in general, is the amount of money required to be in the jackpot prize pool, on the day of the drawing, to fund the estimated jackpot annuity prize.
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5 days ago · Jackpots. FAQs. Jackpot Tax. Annuity Payment Schedule. Annuity Cash Converter. Here's how much money you’ll take home if you choose the cash lump sum option on your dream Powerball jackpot win. Annuity jackpot. Enter an amount to find the estimated cash lump sum and associated taxes. Cash lump sum jackpot.
*Cash Lump Sum: $9.5 Million. For a small additional fee, you can opt to use the Power Play option which will increase the prize payout for any non-jackpot win by a multiple of 2, 3, 4 or 5 (or possibly 10 when the estimated jackpot is less than $150 million) depending on which Power Play number is drawn.
