It’s a lottery green screen!
Monday night’s Powerball drawing was a historic one, marking the fifth time in its history that the jackpot reached the $1 billion level.
Powerball has been in a slump for most of this year, with 38 consecutive draws and no winners. No one has won the big prize since January 1, when a winning ticket worth $842.4 million was sold in Michigan.
If Monday night’s drawing ends with a winner, some lucky people will have two options on how to get their hands on the loot. It could be a one-time lump sum payment (estimated at $438.8 million) or an annuity that starts with immediate payments and then pays annually thereafter. It has increased by 5% every year for 29 years.
Just to be clear, both of these payments are pre-tax. And New York is notorious as one of the worst states to live in if you win the lottery.
Lottery winnings are subject to a 24% federal withholding tax, and New York state claims a hefty 10.90% of its own withholding. New York City will then take action by withholding her 3.876% in addition to state and federal taxes.
If you live in Yonkers, you’ll pay an additional 1.82575% in Yonkers withholding tax (yes!).
According to NerdWallet’s Lottery Tax Calculator, if a New Yorker wins the big prize Monday night and chooses to pay it all in one lump sum, he or she will pay more than $105 million in federal taxes and $38.7 million in federal taxes after taxes. will take home just under $295 million. empire state.
Last April, Howard Beach handyman Johnny Taylor, 71, Biggest Lottery Winner in New York State Historytook home an eye-popping Mega Millions jackpot of $476 million.
Powerball tickets are sold in 45 states, Washington, D.C., Puerto Rico, and the U.S. Virgin Islands.
According to the Multistate Lottery Association, the overall odds of winning a Powerball prize are 1 in 24.9. The odds of winning the jackpot are extremely high, at 1 in 292.2 million.
Monday’s drawing will take place at 10:59 PM ET.
