Despite A Historic Win, The $1.08 Billion Powerball Jackpot Winner Only Receives A Portion Of The Money.
The winning ticket holder received a historic payout of $1.08 billion after winning the Powerball Jackpot!
Rarely does someone’s entire life change as a result of purchasing a ticket at their neighborhood store. That is why it is such a big deal that the Powerball Jackpot was actually won.
On July 19, a lucky Californian who hasn’t yet been identified matched the winning numbers of the Powerball Jackpot and seemed to become a billionaire over night.
They wrote on twitter “The Golden State luck was in full force as California also sold SEVEN additional tickets that matched 5 numbers, missing just the Powerball, winning $448,750 each,” Hayward, La Puente, Los Angeles, Northridge, San Francisco, Santa Clara, and South Lake Tahoe are the places were the tickers were sold
The Independent reports that the winning numbers in the draw were red Powerball 24 and the following: 7,10,11,13,24.
The Powerball jackpot’s final ticket sales increased its estimated value from $1 billion to $1.08 billion at the time of the drawing, making it the sixth-largest US lottery jackpot ever won.
It has since been revealed that the Powerball jackpot amount will be significantly reduced by taxes, so the lucky winner may not actually get to keep the entire sum of the Powerball Jackpot – $1.08 Billion.
Despite the fact that the ticket was bought in Los Angeles, the player might be from another state, in which case they might be subject to the state lotto tax rates, which, according to The Mirror, range from a hefty 8.82 percent in New York to 2.9 percent in North Dakota.
States like Ohio impose a four percent tax on lottery winnings, while states like Tennessee, Florida, and California do not.
According to the article, the $1.8 billion Powerball jackpot winner will be given the option of receiving the money in thirty annual payments instead of a lump sum.
However, if they opt to take the full amount, they will receive $516.8 million and will automatically be subject to a 24 percent mandatory federal tax withholding. They will be left with $424.15 million, which is a significant reduction.
