Do you think you could win $478.2 million? The fortunate winner of the Powerball Jackpot in Georgia on October 24, 2024, experienced this. One ticket actually matched the winning numbers.
The Powerball Jackpot will therefore be worth more in the end because there are no other winners to split it with. In addition, there have been eight jackpots this year overall. Therefore, it provides millions of participants hope.
What is this Powerball jackpot worth in cash?
This reward has a $230.6 million cash value, according to Powerball.com. As a result, the fortunate winner can choose to receive a $250 million lump sum or an annuitized award of $478.2 million.
The fact that both reward amounts are before taxes is the issue. Lottery organizations must typically withhold roughly 24% of the Powerball jackpot. For instance, a 24% cut would only leave you with $175,260,000 if you would rather receive the entire amount.
Remember that this is the tax that you will be required to pay to the IRS. You should, however, confirm whether you are required to pay any state taxes. Not to mention that you can be paying more taxes because you are in a different tax bracket.
Read Also:Â The Blue Penny Jackpot: Discover How This Coin Is Worth $18,000!
How likely is it to win the Powerball jackpot?
According to Powerball, there is a 1 in 292,200,000 chance of winning the jackpot. One in 292 million, that is. The fortunate ticket has thus unquestionably outperformed all the odds.
Every ticket has the same probability of winning, so don’t panic if you’re afraid about losing. Furthermore, there have already been eight winners in 2024, so who knows if you will be the next one?
Certainly, since you will still have a lot of money, paying the required taxes might be the sweetest thing you have to worry about.
