Can you picture winning $478.2 millions? This is what happened to the lucky winner of Georgia’s Powerball Jackpot on October 24, 2024. In fact, only one ticket matched the winning numbers.
As a result, the final price will be higher because there are no other Powerball winners to share the jackpot. Furthermore, this year has seen a total of eight jackpots. As a result, millions of participants feel hopeful.
What is the cash value for this Powerball Jackpot?
According to Powerball.com, the cash value of this jackpot is $230.6 million. As a result, the lucky winner can receive either an annuitized award of $478.2 million or a lump amount of $230.6 million.
The problem is that both reward amounts are pre-tax. Lottery agencies must withhold approximately 24% of the Powerball Jackpot. For example, if you opt to get a lump sum, a 24% reduction will leave you with only $175,256,000.
Keep in mind that this is the tax you will be required to pay to the IRS. However, you must first determine whether you are required to pay any state taxes. Not to mention the fact that you may be in a different tax rate, which may result in paying higher taxes.
What are the odds of winning the Powerball Jackpot?
Powerball claims that the chances of winning the jackpot are 1 in 292,200,000. That is one in 292 million. As a result, the lucky ticket clearly outperformed all expectations.
If you’re afraid about not winning, don’t be; every ticket has the same chance. Furthermore, 8 contestants have already won in 2024, so who knows if you will be the next winner?
Undoubtedly, paying the required amount of taxes may be the sweetest thing you have to worry about because you will still have a large amount of money.
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