After Monday night’s winless run, the Powerball jackpot has grown to an estimated $865 million, the fifth-largest prize in the game’s history. NPR.org the report said.
This is the 36th consecutive drawing since January 1 without a winner. The odds of winning the Powerball jackpot are 1 in 292.2 million.
Before Powerball’s next drawing on Wednesday, another national lottery game, Mega Millions, will hold a $1.1 billion drawing on Tuesday night.
This is the largest lottery game in the United States. The odds of winning are 1 in 302.6 million.
Both lotteries are played in 45 U.S. states and Puerto Rico.
How much money will the owner actually get?
If the winner emerges in the next drawing, he/she can choose to receive 30 annual payments or a one-time cash payment of $416.1 million, Forbes the report said.
If the second option is chosen, the $416.1 million will be reduced to $316.2 million after the 24% federal tax cut.
After that, the winner could face a 37% cut in federal marginal rates, which could further cut the cash prize to $262.1 million.
If the recipient chooses to make 30 payments per year, their annual installment will be reduced by a federal marginal rate of 37%, reducing the installment to $18.16 million.
In addition, takeout amounts are also affected by your state of residence and additional taxes may be imposed.
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