NO POWERBALL WINNER
No tickets matched all six numbers (4, 5, 28, 52, 69 and Powerball number 20) in Saturday night’s $1.5 billion drawing, meaning the jackpot is growing again before the next drawing.
A possible winner would choose between receiving the full$1.6 billion jackpot in 30 annualized payments, or take an immediate lump sum worth $735.3 million.
If the winner picks the lump sum, the more popular option, they would immediately face a 24% federal withholding tax, which would bring their prize down to $588.8 million.
Their income through the prize means they would alsolikely face the highest federal marginal tax rate of 37%, bringing the total down to $463.2 million.
If the winner opts for the annuity, they would receive 30 payments, which grow 5% each year for average at $33.6 million and a net jackpot of about $1 billion after factoring in federal taxes.
·https://www.msn.com/en-us/money/personalfinance/powerball-jackpot-reaches-1-6-billion-here-s-what-that-s-worth-after-taxes/ar-AA1SM7Gw?ocid=msedgntp&pc=LCTS&cvid=694940a2c66949769b681bc1a7f3e812&ei=47
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There's something wrong with the system when $1.6billion nets less than $500Million.
How can $1Billion in taxes be taken out of a $1.6billion lottery?