The Powerball jackpot has climbed to $550million and is now the largest jackpot of the year so far.
The jackpot crossed the half-billion dollar mark — up from $495million — after there was there was no grand prize winner following Saturday night's drawing. The winning numbers, which would've given a single winner a cash prize of $300.2million, were 30, 34, 39, 53 and 67, with a Powerball of 11. Although there were no jackpot winners after Saturday's drawing, a lottery player did win $2million in North Dakota after landed all five white balls and the Power Play, while people in New Jersey and Pennsylvania won $1million each, according to ABC News.
These winners have up to 180 days to lay claim to their money. The $550million drawing is on Wednesday, March 20. Ticket buyers must make their purchase before 10pm EST. Powerball players have seen the prize money increase in 22 non-winning draws since December 26. But it's less than a third of the biggest ever winnings. In January 2016 winners in California, Florida and Tennessee hit the astonishing $1.586billion jackpot. Six others have claimed more than Saturday's amount with lucky players ranging from a $559.7million winner in New Hampshire January 2018 to $758.7million in Massachusetts in August 2017. There's a one in 292,201,338 chance of striking it lucky with the Powerball. Otherwise the Mega Millions on Friday is offering $40million. However the eventual Powerball winner will have to pay taxes on the money which could mean parting ways with 45 percent. If the winner takes the lump sum cash option of $300.2million instead of spreading the payments over 30 years, 24 percent federal tax is held by the lottery organization.
The top marginal tax rate is 37 percent so on top of $72million drained from the winnings, an additional 13 percent ($39million) could go to the IRS. It brings the amount slashed off to a whopping $111million before state taxes are even considered. If one of the higher state taxes of 8 percent, a grand 45 percent could be chopped off $495million, leaving the winner with $222.75million. Some lottery winners have set up charitable organizations to donate up to 60 percent of their winnings and in turn leave a big chunk exempt from taxes. Wednesday did see some big wins. In a Florida, five white balls in the same line – which costs $2 to play - and the additional $1 Power Play X3 number scored one ticketholder $2million. Two others in the state won $1million each with just five matching white balls. Someone in Michigan matched four white balls and the Powerball to get at least $50,000. Across 44 states, Washington DC, Puerto Rico and the US Virgin Islands, there were 1.4million smaller prize winners starting as little as $4.
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