No Winner Yet for the May 29 Powerball Drawing
No one has yet claimed the jackpot for last night’s drawing for the $325 million dollar Powerball lottery.
That total amounts to a $205.2 million one time cash payout if the winner chooses that option.
For those of you not familiar with the conventions of Powerball, it works by drawing 5 white balls from a bin of random numbers and then one red ball in addition to those which is the Powerball.
Last night’s winning numbers were 03-32-34-42-61 with a Powerball of 07. In addition to those core numbers there is also a Power Play number which is a multiplier for all non-Jackpot prizes. It costs an extra $1 to add to the ticket. The Power Play number for last night’s drawing was 02.
The Powerball website reports that the odds of winning last night’s Jackpot are 1 in 292,201,338.
As one of the largest lottery games in the United States, Powerball offers players multiple ways to win some money if not the Jackpot itself.
Simply picking the Powerball number correctly gets players $4, while there are other prizes ranging from $1 to $2 million. Jackpots themselves start out at $40 million and go up each week that no one wins.
So how much would winners actually get after taxes are factored into the consideration?
According to financial website CNBC, it really all depends upon the winner’s state of residence. Outside of that, the Federal income tax calculations remain relatively unchanged.
For the $325 million Powerball Jackpot, if a winner chose the all cash option it would reduce that amount to $205.2 million at least. This is factoring in a Federal withholding tax rate of at least 24% with another 13% due by the following April 15 tax deadline. After federal taxes alone, the all-cash option is reduced to $129.3 million.
That isn’t even accounting for the state income taxes that winners will pay. CNBC estimates that these tax rates could be as low as 0% to as high as 8%. Factoring in those numbers, winners could see their full winnings reduced even further.
Of course, as most people note, these are the kinds of problems that most of us would love to have.
The end amount, no matter what payment option or tax scheme, will be massive and truly transformative for the winner and their family.
On average, winning any given Powerball Jackpot has odds of 1 in 292 million at least. That’s no easy feat.
Meanwhile, Jackpots continue to get larger year after year and the final tallies winners are taking home are starting to truly confound the imagination.
One of the most popular lotteries in the United States, Powerball game’s ability to tally up huge jackpots so quickly. These typically create media sensations and the stories about the winners have demonstrated every walk of life.
Though there is no powerballsite winner as of pres for the May 29 drawing, we do know that it is inevitable that someone will win a life-changing amount sometime in the near future.