"The winning ticket has an estimated cash value of $826.4 million. "Excitement is building as players look forward to tomorrow night's drawing for this historic jackpot," said Matt Strawn, Powerball Product Group Chair and Iowa Lottery CEO, in a statement. "We encourage everyone to play responsibly and take pride in knowing that every $2 ticket also helps support good causes in their community.""
"A 24% federal tax is imposed immediately. Then, since the winner has skyrocketed themselves (if they weren't there already) into the highest tax bracket (37%), the leftover tax will be paid when filing 2025 taxes. CNBC notes that many states then add on a 2.5% to 10.9% income tax, though eight states (California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming) don't tax lottery winnings."
The Powerball jackpot reached $1.8 billion, the game's second-highest prize behind the $2.04 billion 2022 record. The estimated cash value of the winning ticket is $826.4 million. The upcoming drawing will be live-streamed from the Florida Lottery draw studio in Tallahassee; Powerball tickets cost $2 and are sold in 45 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. A 24% federal tax is withheld immediately and additional federal taxes apply at the 37% bracket when filing; many states also levy income taxes while eight states do not tax lottery winnings.
Read at Entrepreneur
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