Thursday, November 30, 2023

The latest Powerball winner won a prize of $1.73 billion in the US

Finally, Powerball found a winner in California after 35 consecutive drawings. The ticket was purchased at the Midway Market & Liquor store in Frazier Park, and the winner matched all six jackpot numbers to win.

The truth is that it is 1.73 billion dollars, the second-largest prize in the history of United States lotteries.

As if that wasn’t enough, Powerball noted that the amount totaled $1,765 million, representing $35 million more than expected.

In this sense, the winner has the option to decide whether to accept an immediate payment of $774.1 million. Alternatively, you can also choose whether the money will receive annual payments spread over 30 years.

Additionally, for this Saturday’s draw, a figure of $20 million is at stake, with the possibility of collecting $8.8 million in cash. This is officially announced by Powerball.

But speaking of the latest event, nine other players won prizes in the draw. These payments range from $2 million to $1 million.

Tickets worth $2 million were sold in Arizona and Pennsylvania. Meanwhile, the $1 million prize was awarded to two in California, two in Florida, one in New York, one in Oklahoma, and one in Virginia.

According to the lottery site, the winner will receive 52% of the jackpot amount if they choose the total jackpot.

But even if it brings less money, the winners usually choose the lump-sum option. Especially because with this option, the money can be reinvested immediately.

Therefore, all winners will pay an automatic 24% federal withholding tax on their winnings, which is considered income.

However, it is important to note that the lucky ones pay another 13% in federal taxes when they file their tax return.

What are the states where the most money is given?

Depending on the state where people live and the amount of money they receive, there are only eight states that do not charge a state tax on lottery winners. Therefore, they offer the highest compensation.

We’re talking about California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming.

While in New York, New Jersey, Washington, Oregon, and Minnesota, they charge additional taxes. This happens because states have the highest tax rates on lottery winnings.

World Nation News Desk
World Nation News Desk
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