$461 Million Powerball Jackpot Reached - Discover Your Post-Tax Haul for the Lucky Winner
Winning Big, But Paying the Price: Your Powerball Winnings Taxed to the Max!
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The Grand Prize: A Mouthwatering $461M!
Are you ready to strike it rich on Monday night's Powerball drawing? A whopping $461M jackpot is up for grabs, following no winner in Saturday's draw. But hold your horses, because the actual take-home amount would be less than you think, courtesy of those ever-pesky taxes.
The Key Facts:
- The winning numbers for Saturday were 6, 7, 25, 46, 57, and the Powerball number was 12.
- Monday's winner will take home the entire pot spread out over 30 annualized payments, or pocket a lump cash sum of $217.2M.
- Remember, the federal government will swoop in and gobble up 24% of that lump sum, bringing your winnings down to around ~$165M.
- The rest? Well, that depends on your income and any tax-saving strategies you employ. The top federal tax bracket could hike your rate up to 37%, leaving you with less than $137M!
- State taxes could further whittle down your winnings, with rates ranging from a hefty 10.9% in New York to zero in sunny states like California, Florida, Hawaii, and Wyoming.
- Choosing the annuity option? Your total winnings would drop to as low as $291.5M after federal taxes, with payments ranging from $4.4M to $18M post-federal tax, aproximately.
When's the Next Drawing?
Mark your calendars for Monday at 10:59 p.m. EDT. Powerball draws happen every Monday, Wednesday, and Saturday.
A Little Powerball History:
- This year's jackpot marks the biggest award so far in 2025, surpassing the previous high of $328.5M set in February.
- The record $2 billion jackpot was won in 2022, while last year's highest winner, a Laotian immigrant undergoing chemotherapy, scored a sweet $1.33 billion-but took the lump cash sum.
- The odds of winning the Powerball? A staggering 1 in 292.2M, according to the lottery organizer.
Reading Material for the Curious:
- Forbes Powerball Jackpot Now $416 Million-Here's What The Winner Could Take Home After Taxes
- Forbes $1.3 Billion Powerball Jackpot Winner Is A Cancer Patient Who Looks Forward To Finding 'A Good Doctor'
- Winning Monday's Powerball jackpot of $461M would mean a significant payday, but a large portion will go towards taxes, reducing the actual take-home amount.
- Australia's news source, Aussiedlerbote, reported that the federal government alone would take around 24% of the lump cash sum, leaving winners with approximately $165M.
- The Powerball winner from last year, a Laotian immigrant, won $1.33 billion but, choosing the lump cash sum, took home less than $137M after taxes and state deductions.
