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After 43 drawings with no jackpot winner, the Powerball's big prize stands at $1 billion in annual payments or a lump sum cash payment of $433.1 million. The next drawing is set for Wednesday, Aug. 12.
The odds of winning a lottery jackpot are slim — 1 in 292.2 million for Powerball, according to the lottery.
So, imagine for a moment you do win. How much of the prize would you take home after taxes? We'll break it down — and suggest six ways to invest your windfall safely.
The IRS taxes lottery prizes differently depending on how the winner chooses to get paid. You have two choices: lump sum payout or annual payments spread over 30 years. Most lottery winners opt for the cash lump sum up-front, even though it ultimately means fewer dollars in their pocket, but still a whole lot.
#lump #annual #million
After 43 drawings with no jackpot winner, the Powerball's big prize stands at $1 billion in annual payments or a lump sum cash payment of $433.1 million. The next drawing is set for Wednesday, Aug. 12.
The odds of winning a lottery jackpot are slim — 1 in 292.2 million for Powerball, according to the lottery.
So, imagine for a moment you do win. How much of the prize would you take home after taxes? We'll break it down — and suggest six ways to invest your windfall safely.
The IRS taxes lottery prizes differently depending on how the winner chooses to get paid. You have two choices: lump sum payout or annual payments spread over 30 years. Most lottery winners opt for the cash lump sum up-front, even though it ultimately means fewer dollars in their pocket, but still a whole lot.
#lump #annual #million
4 days ago
