The Powerball jackpot has been growing for more than three months, reflecting the long odds of 1 in 292.2 million of winning the top prize. Since the last player won the jackpot on Jan. 1, there have been 39 consecutive drawings without anyone matching all six numbers and hitting it rich.The $1.09 billion prize is for a sole winner who chooses to be paid through an annuity, with 30 annual payments.
“The lesson didn’t really go according to plan.” Math professor Nicholas Kapoor bought a Powerball ticket to demonstrate how improbable it is to win the lottery – and then he won $100,000. Here’s what he wants you to know about playing the Powerball.The prize is subject to taxes, which includes an automatic withholding tax of 24% levied against the winnings, and another 13% in federal taxes when you file your 2024 return.
There are also state taxes in some jurisdictions, which range from 2.9% to 10.9% depending on the state you live in. But if you're lucky enough to live in California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington or Wyoming, you won't pay taxes on your winnings. Powerball is played in 45 states plus Washington, D.C., Puerto Rico and the U.S. Virgin Islands. Drawings are held at 10:59 p.m. EST at the Florida Lottery studio in Tallahassee.Yes, both the Powerball and Mega Millions lotteries have become more difficult. The Powerball lottery lengthened the odds of winning the top prize from 1 in 175.2 million to the current 1 in 292.2 million in 2015, according to The Associated Press. Mega Millions went from 1 in 258.9 million to 1 in 302.
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