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Search resuls for: "Powerball's"


9 mentions found


☆ Powerball's $1.9 billion jackpot is the biggest ever—but Mark Cuban and Kevin O'Leary disagree on what to do if you win
  + stars: | 2022-11-07 | by ( Mike Winters | ) www.cnbc.com   time to read: +1 min
If you're lucky enough to win Powerball's $1.9 billion jackpot draw — the biggest ever — you'll need to figure out what to do with all that money. Celebrity investors Mark Cuban and Kevin O'Leary have different takes on how to make the most of your winnings, although both advise against spending too much right away. Here's what both Cuban and O'Leary say to do if you win big. What Mark Cuban says to do with the moneyWhen it comes to large jackpots, Mark Cuban, billionaire and judge on ABC's "Shark Tank," says to keep most of the money in the bank, rather than risking it on investments that might not pay off. Winners often choose the lump sum because it can be immediately reinvested.
☆ Powerball's jackpot is $1.6 billion, the largest U.S. lottery prize ever. If you win, here's how much would go to taxes
  + stars: | 2022-11-04 | by ( Sarah O'Brien | ) www.cnbc.com   time to read: +1 min
If you manage to beat the odds stacked against hitting the Powerball jackpot, don't forget you'll have a silent partner in the win: the taxman. The jackpot for Saturday night's drawing is now the largest U.S. lottery ever at an estimated $1.6 billion — pretax — if you were to opt to take your windfall as an annuity spread over three decades. The upfront cash option — which most jackpot winners choose — for this drawing is $782.4 million, also pretax. With the chance of a single ticket hitting the jackpot at about 1 in 292 million, the top prize has been rolling higher through thrice-weekly drawings since Aug. 3, when a ticket in Pennsylvania matched all six numbers drawn to score a $206.9 million jackpot. The cash option, however, is driven by ticket sales.
☆ $1 billion lottery jackpots are more common than ever—and it’s actually making them harder to win
  + stars: | 2022-11-02 | by ( Tom Huddleston Jr. | ) www.cnbc.com   time to read: +1 min
It's the fifth time a U.S. lottery prize has reached 10 digits since 2016, when the first billion-dollar prize jackpot was announced. Make that lottery harder to win and you can almost guarantee higher jackpots on a regular basis, incentivizing even more people to buy lottery tickets. Powerball's organizers have gradually made their lottery harder to win for decades, says Victor Matheson, an economics professor at the College of the Holy Cross who studies lotteries. Before then, your odds of winning a Powerball lottery were around 1 in 175 million, Matheson says. "They've been running Powerball or its predecessor for [34 years], and they've gradually been making it harder and harder to win," Matheson tells CNBC Make It.
☆ U.S. Powerball jackpot hits $1 billion ahead of Halloween night drawing
  + stars: | 2022-10-31 | by ( Rich Mckay | ) www.reuters.com   time to read: +1 min
Oct 31 (Reuters) - The jackpot in Powerball's Halloween night drawing has surpassed $1 billion, making it one of the richest prizes ever offered by one of the major U.S. lotteries. The current jackpot ranks as the second highest in the game's history behind a $1.585 billion top prize in 2016, which was divided among three lucky ticket holders from California, Tennessee and Florida. Winners must guess all six lucky numbers including the final "Powerball. It is the sixth time in Powerball history that the jackpot surpassed $700 million, including the $825 million prize offered in a drawing on Saturday, when no ticket matched all six numbers. The last time that someone won the Powerball jackpot was on Aug. 3, when a ticket holder from Pennsylvania claimed a $206 million prize.
☆ Powerball jackpot hits $1 billion, its second-highest total ever—here are the 8 states where you'd win the most
  + stars: | 2022-10-31 | by ( Mike Winters | ) www.cnbc.com   time to read: +1 min
The Powerball lottery jackpot has grown to $1 billion for the second time ever. How much you'll actually take home if you win will vary based on which state you live in, and whether or not it charges income taxes on lottery jackpots. Winners can choose to take the full jackpot amount as an annuity for 30 years or take a lump sum worth roughly 51% less than the jackpot total, according to Powerball's calculations. While it might seem counterintuitive to take less total money, many winners choose to do so after consulting with a financial advisor. Either way, the winnings you'd take home would vary based on the total taxes incurred in your state.
☆ Powerball jackpot hits $1 billion — but only if you pick the less-popular prize option. If you win, here's the tax bill
  + stars: | 2022-10-31 | by ( Sarah O'Brien | ) www.cnbc.com   time to read: +2 min
The annuity option is higher than it has been, relative to the cash option, due to higher interest rates that make it possible for the game to fund larger annuitized prizes, according to the Multi-State Lottery Association, which runs Powerball. The cash option, however, is driven by ticket sales. Assuming you were like most winners and chose the cash option, a 24% federal tax withholding would reduce the $497.3 million by $119.4 million. The top federal income tax rate is 37% and this year applies to income above $539,900 for individual tax filers and $647,850 for married couples. While some jurisdictions have no income tax — or do not tax lottery winnings — others impose a top tax rate of more than 10%.
☆ Powerball's $700 million jackpot is the fifth-largest ever—here's how much you'd take home after taxes
  + stars: | 2022-10-26 | by ( Mike Winters | ) www.cnbc.com   time to read: +2 min
Here's a look at the top 10 prizes of all time:Now worth $700 million, the fifth-largest Powerball lottery jackpot in history has yet to be claimed ahead of the next draw on Wednesday. Whatever option you chose, you'll be obligated to pay taxes on your lottery winnings. And most states tax lottery winnings as income. Of those that do, the state tax rate is typically between 3% and 8%. In New York state — which has the highest state tax of 8.82% — you'd take home either $187,559,240 for the lump sum payout or $379,260,000 for the annuity, per Powerball's calculations.
☆ Powerball's jackpot is now $420 million and Mega Millions' top prize is $494 million. Here's how to handle a huge windfall
  + stars: | 2022-10-12 | by ( Sarah O'Brien | Nicole Webb | Senior Vice President Financial Advisor At Wealth Enhancement Group | ) www.cnbc.com   time to read: +3 min
Powerball's jackpot is an advertised $420 million for Wednesday night's drawing. Mega Millions' top prize is even more: $494 million for the next pull, set for Friday night. Of course, the chance of a single ticket matching all six numbers drawn in either game is tiny: 1 in 292 million for Powerball and 1 in 302 million for Mega Millions. Nevertheless, it's worth giving thought to what you'd do if you were to beat the odds and land such a windfall. The process of figuring out how to handle a huge amount of money can take several months, Stanzak said.
☆ Mega Millions jackpot is $410 million. Here are 3 key things to do if you win
  + stars: | 2022-10-07 | by ( Sarah O'Brien | ) www.cnbc.com   time to read: +1 min
There's a chance that a Mega Millions player is going to wake up Saturday morning with a $410 million windfall in their lap. That's the advertised jackpot amount for the lottery game's next drawing, set for Friday night. It's the third time this year the top prize has crossed the $400 million mark, but the amount remains far below the $1.34 billion jackpot won in July. Powerball's jackpot isn't far behind for its Saturday night drawing: $378 million. While stress from winning a life-changing amount of money may be tricky to avoid, there are three key things you can do right out of the gate to protect your winnings.
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