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    • Powerball ticket sold in Georgia wins 8 million jackpot: Here’s what the winner takes home after taxes
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    Powerball ticket sold in Georgia wins $478 million jackpot: Here’s what the winner takes home after taxes

    Vaseline Posted on

    Topline

    A ticket buyer from Georgia won the $478 million Powerball jackpot on Wednesday – the sixth-largest lottery prize of the year so far – although he will take home a much smaller amount after paying his taxes.

    Key facts

    Powerball announced that a single ticket sold in Georgia matched all six numbers drawn Wednesday night: 2, 15, 27, 29, 39 and the red Powerball 20.

    The winner must now choose between receiving the full $478 million, spread over 30 annual installments, or a lump sum cash prize of $230.6 million – usually the popular choice among winners.

    The cash prize will drop to $175.26 million after a mandatory 24% federal tax withholding is deducted.

    Depending on their taxable income, the winner could face a federal marginal rate as high as 37%, which would further reduce their winnings to $145.28 million.

    The state of Georgia also levies a 5.75% tax on lottery winnings, which in this case would reduce the winnings to approximately $132 million.

    If the winner chooses the repayment route, their annual payments would drop from $15.93 million to about $10 million if the 37% federal marginal rate is applied.

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    Big number

    1 in 292.2 million. Those are the astronomical odds Wednesday night’s winner had to overcome to win the Powerball jackpot. The odds for the Mega Millions jackpot are even worse: 1 in 302.6 million.

    Important background

    The largest lottery jackpot of the year so far is the $1.3 billion Powerball prize won by an Oregon lottery holder. The winner was identified as Cheng “Charlie” Saephan, a Portland resident undergoing chemotherapy treatment for cancer. As he collected his prize check, Saephan said he would use the winnings to provide for his family and find “a good doctor for myself.” The biggest Mega Millions prize of the year so far – a $1.13 billion prize – was claimed by a ticket buyer from New Jersey.

    Read more

    Texas Mega Millions Ticket Holder Wins $800 Million Jackpot: Here’s How Much They’ll Take Home After Taxes (Forbes)

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