$1.2 Billion Powerball Jackpot: Here’s How Much You’ll Take Home If You’re From California, Texas, Florida

For only the second time in history, the Powerball lottery jackpot has surpassed $1 billion. Whoever wins the next Powerball shall be a billionaire as the current prize jackpot is now worth $1.2 billion.

Since the prize pool hit the $1 billion mark, nobody has still won, and the prize money is expected to grow bigger if nobody does. The next draw will take place on Wednesday night at 10:59 EST.

If somebody manages to finally win that $1.2 billion jackpot, they would receive the fourth-largest payout in U.S. lottery history. This is according to the Multi-State Lottery Association, which runs Powerball. However, one must match all six numbers from the draw in order to win that big prize.

According to People Magazine, this is also the biggest prize up for grabs in six years. The unclaimed winning numbers for Monday were 19, 13, 39, 59, and 36, and the Powerball was 13.

Record Largest Powerball Jackpot Happened in 2016

Powerball's official website revealed that the biggest prize money ever given was $1.586 Billion. It was won back on January 13, 2016. Only time can tell whether or not this year can manage to break that record.

On Monday's draw, despite nobody winning that huge jackpot, more than 5.4 million tickets still won cash prizes totaling $59.5 million. The big winners included 10 tickets from California, Florida, Indiana, Michigan, New York, Ohio, and Texas. They managed to match all five white balls, winning a million dollars each. However, none of them got the Powerball.

Meanwhile, three tickets from Florida, New York, and Oklahoma matched all five white balls and increased the $1 million prize to $2 million. This was done by including the Power Play option, which included an additional $1 per play. In addition, a total of 134 tickets nationwide also won a $50,000 prize. Another 23 tickets also won a $150,000 prize.

Winners Must Pay Taxes If They Win the Powerball; Here are the 8 States Where the Winner Will Get Taxed the Least:

Of course, winning the Powerball is not tax-free, as all winners must pay federal taxes. However, there are eight states that actually do not charge state taxes on lottery winnings, meaning that while the winner will still pay federal taxes, they do not have to pay state taxes.

According to CNBC, these states as California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington State, and Wyoming.

There is an upfront 24% withholding tax for the federal taxes, and winners would likely owe a total of 37% in federal taxes for their 2022 tax return.

As for those states that do tax lottery winnings, New York has the highest tax rate with 8.82%, followed by Maryland with 8.75%, Washington D.C. with 8.5%, and Oregon with 8%.

Should the winner hail from New York state, the after-taxes sum the winner would get would only amount to $316,393,862, which is barely 26% of the total jackpot.

This article is owned by Latin Post.

Written by: Rick Martin

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