Powerball jackpot is now the highest in HISTORY as it swells to $1.6billion – but lucky winner will be slapped by taxes that HALF the mega pot
- Powerball’s jackpot has now reached a record-breaking $1.6billion
- The longest previous run for rollovers was in 2021, when there were 41 draws before one person finally lucked out and scooped the gigantic $699.8million
- But Saturday’s hefty jackpot is even larger – sitting at $1.6billion
- However, tax deductions will lower the take home prize by millions
- Tickets for the Powerball jackpot are $2 each and the next draw is on Saturday
The Powerball jackpot has risen to a record-breaking $1.6billon, making it the largest lottery jackpot in history.
One lucky winner could scoop the eye-watering figure during this Saturday’s draw – after the mammoth jackpot rolled over 40 times.
There wasn’t a winner during Wednesday’s game, where the jackpot sat at $1.5billion. Now the figure has increased once again, making it the largest sum in lottery history.
On Wednesday, the numbers drawn were 2-11-22-35-60, and the Powerball was 23 – but they unfortunately did not yield a winner.
The longest previous run for rollovers was in 2021, when there were 41 draws before one person finally lucked out with a winning ticket, and scooped the gigantic $699.8million.
Saturday’s hefty jackpot is even larger. However, the winner will have to have nearly half of the earnings wiped off in a series of taxes.
An eye-watering $1.6billion could be won by a Powerball player on Saturday (stock image)
If the numbers this weekend do not correlate with anyone’s tickets, then the jackpot will roll over to Monday. With Powerball, there are draws three times a week.
However, tax deductions will lower the take home prize by millions.
2022 Powerball wins
$632.6 million — Jan. 5; California, Wisconsin.
$185.3 million — Feb. 14; Connecticut.
$473.1 million — April 27; Arizona.
$366.7 million — June 29; Vermont.
$206.9 million — Aug. 3; Pennsylvania.
Source: powerball.com
Winners can either opt to receive a series of payments over nearly three decades and receive close to the $1.6 billion promised, or cash out for a single payment that is significantly taxed.
If multiple people win, then the prize would have to be split.
Before the winner can walk away with a single payment of the prize money of about $782.4 million, a 24 percent federal tax withholding on gambling winnings will be applied. The tax would lower the take home amount by $187.8 million, according to CNBC.
An additional sum will be pulled for the top federal marginal rate of 37 percent. The deduction would lower the prize amount even further.
For those opting to receive payments over about 29 years, around whopping $50 million per year is expected. But the federal tax would reduce the amount annually.
Depending on the winner’s state, more money might be deducted.
No one has hit all six numbers since August 3 when the jackpot was $206.9 million, a testament to how slim the odds are of winning the jackpot: one in 292.2 million.
Although the top prize has yet to be claimed, six tickets won a $1 million prize in Saturday’s drawing by matching five white balls, including two in California, two in Michigan, one in Maryland and one in Texas.
Another 17 tickets won a $150,000 prize while there were 80 winners of $50,000 each. More than 3.8 million tickets won cash prizes totaling above $38 million, Powerball said.
The Powerball jackpot has only been claimed five times this year.
Powerball is played in 45 states, as well as Washington, D.C., Puerto Rico and the U.S. Virgin Islands.
Tickets for a chance to win the Powerball jackpot are $2 each.
Winning draws are broadcast live each Monday, Wednesday and Saturday at 10.59pm Eastern Time. They are also streamed live online at Powerball.com.
The next drawing is on Saturday night. Some people are already lining up to buy another ticket on Thursday morning after there was no winner on Wednesday
The jackpot prize and how much a winner might take home is significantly lower than what some may expect
Top 10 Powerball jackpots of all time
$1.586 billion — Jan. 13, 2016; California, Florida, Tennessee.
$768.4 million — Mar. 27, 2019; Wisconsin.
$758.7 million — Aug. 23, 2017; Massachusetts.
$731.1 million — Jan. 20, 2021; Maryland.
$699.8 million — Oct. 4, 2021; California.
$687.8 million — Oct. 27, 2018; Iowa, New York.
$632.6 million — Jan. 5, 2022; California, Wisconsin.
$625 million — Oct. 24, 2022; TBD.
$590.5 million — May 18, 2013; Florida.
$587.5 million — Nov. 28, 2012; Arizona, Missouri.
Source: powerball.com
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