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☆ Oregon Powerball player wins a $1.3 billion jackpot, ending more than 3 months without a grand prize
▼ + stars: | 2024-04-07 | by ( ) www.cnbc.com time to read: +2 min

A Powerball player in Oregon won a jackpot worth more than $1.3 billion on Sunday, ending a winless streak that had stretched more than three months. The single ticket matched all six numbers drawn to win the jackpot worth $1.326 billion, Powerball said in a statement. The winning numbers drawn early Sunday morning were: 22, 27, 44, 52, 69 and the red Powerball 9. The $1.326 billion prize ranks eighth in U.S. lottery history. "This is done to ensure that every ticket sold for the Powerball drawing has been accounted for and has an equal chance to win.

Organizations: Oregon, New, Florida Lottery, Washington , D.C, U.S . Locations: Trona , California, United States, Washington ,, Puerto Rico, U.S, U.S . Virgin Islands

☆ The Powerball jackpot is creeping toward $1 billion again
▼ + stars: | 2024-03-30 | by ( Katie Balevic | ) www.businessinsider.com time to read: +1 min

It's been three months since the last person won the Powerball lottery jackpot. The jackpot is now $935 million, ranking it among the top 5 largest ever. If no one wins, the jackpot will exceed $1 billion. AdvertisementThe Powerball jackpot has spent three months incubating. A lucky winner snatched the jackpot on New Year's Day when it was $842.4 million.

Persons: It's, —, Drew Svitko, hasn't Organizations: Service, Powerball

☆ Lottery fever strikes as combined Powerball and Mega Millions jackpots hit $1.9 billion
▼ + stars: | 2024-03-25 | by ( Polly Thompson | ) www.businessinsider.com time to read: +2 min

The Mega Millions and Powerball jackpots have hit a combined $1.9 billion. This is Powerball's sixth largest prize draw in history. AdvertisementThe Powerball and Mega Millions Powerball jackpots are now at a combined value of almost $2 billion after no tickets matched all six numbers in the most drawings. Powerball's prize has now hit $800 million, its sixth-largest prize draw ever, while the Mega Millions jackpot is up to $1.1 billion. "Lottery fever continues to spread throughout the country," Gretchen Corbin, Georgia Lottery president, said in a Mega Millions statement.

Persons: —, Powerball's, Gretchen Corbin Organizations: Service, Georgia Lottery Locations: Georgia

☆ Powerball jackpot hits $1.55 billion. Why the cash prize dropped $29.7 million last week
▼ + stars: | 2023-10-09 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

The winner has two payout options: a lump sum worth $679.8 million or an annuity valued at $1.55 billion. Last week, the lump sum actually dropped by $29.7 million between Wednesday and Friday even as the headline prize held steady at an estimated $1.4 billion, according to Powerball. Powerball's estimated lump sum considers projected ticket sales and an "annuity factor," or the cost to fund the grand prize, Toyne said. Typically, the higher interest rates climb, the bigger jackpot players can expect because "rising interest rates are a tailwind for a lottery annuity," he said. But last week, the estimated lump sum dropped from Wednesday to Friday because the weekly annuity factor changed and the amount necessary to fund the jackpot went down, Toyne said.

Persons: Justin Sullivan, J, Bret Toyne, Toyne, Akshay Khanna Organizations: State Lottery Association

☆ Choose your $1.4 billion Powerball jackpot payout wisely: The most popular option can be a 'mistake,' says financial planner
▼ + stars: | 2023-10-06 | by ( Mike Winters | ) www.cnbc.com time to read: 1 min

If you're lucky enough to win Powerball's current $1.4 billion jackpot — the third-highest ever — think carefully about your choice of payout. If you win, you can choose between an upfront cash lump sum and an annuity spread out over 30 years. Most jackpot winners claim the upfront lump sum, since they'll get the majority of the cash right away. Since the beginning of last year, all but one Powerball jackpot winner chose this option, the Multi-State Lottery Association tells CNBC Make It. But that doesn't mean it's necessarily the right choice for you.

Persons: Powerball's, they'll Organizations: State Lottery Association, CNBC

☆ Florida lottery winner claims $1.6 billion prize, but identity still secret
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

[1/2] The display in a store shows the Mega Millions lottery jackpot at $1.55-billion in New York City, U.S., August 8, 2023. REUTERS/Shannon Stapleton/File Photo Acquire Licensing RightsSept 27 (Reuters) - The second-largest lottery winner in U.S. history has come forward to claim the $1.6 billion prize, but the person's identity may remain a secret for another 90 days, the Florida Lottery said on Wednesday. The Mega Millions jackpot was claimed on Monday, seven weeks after the Aug. 8 drawing, Florida Lottery said in a statement. Florida is one of 45 states plus Washington, D.C., and the U.S. Virgin Islands to participate in Mega Millions. The Florida Mega Millions winner will have the option of claiming the full amount paid in a 30-year annuity or taking a lump sum of $794.2 million cash, according to the Mega Millions website.

Persons: Shannon Stapleton, Daniel Trotta, Jamie Freed Organizations: Mega, REUTERS, Florida Lottery, Washington , D.C, U.S . Virgin, Thomson Locations: New York City, U.S, Florida, Washington ,, Neptune Beach, Jacksonville, South Carolina, California

☆ Powerball's jackpot rises to $420 million—here's the after-tax payout for every U.S. state
▼ + stars: | 2023-09-01 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

Powerball's jackpot has risen to a sizable $420 million ahead of Saturday night's draw, although the take-home amount will vary based on your choice of payout and the state taxes where you live. All winners have to pay federal taxes, which includes an automatic withholding tax of 24% levied against the winnings. However, winning millions of dollars will almost certainly put you in the top income tax bracket for 2023, which means another 13% in federal taxes when you file your tax return. You'll likely have to pay state income taxes on those winnings as well, which range from 2.9% to 10.9% depending on which state you live in. However, eight states don't charge income tax on lottery winnings: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.

Persons: You'll Organizations: D.C Locations: California, Florida , New Hampshire, South Dakota , Tennessee , Texas, Washington and Wyoming, Washington

☆ The Mega Millions jackpot hits $1.55 billion. What's the best payout option? Experts weigh lump sum vs. annuity
▼ + stars: | 2023-08-07 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

The Mega Millions jackpot hit a record $1.55 billion on Aug. 7, 2023. VIEW press | GettyThe Mega Millions jackpot has ballooned to an estimated $1.55 billion after months without a winner. If you pass away before collecting all 30 payments, Mega Millions will make the remaining payments on schedule to your designated beneficiary or your estate. Picking the lump sum payout is a 'big mistake'Andrew Stoltmann, a Chicago-based lawyer who has represented several lottery winners, says 95% choose the lump sum option, which he describes as a "big mistake." Tuesday's Mega Millions drawing comes about three weeks after a single ticket sold in California won Powerball's $1.08 billion jackpot.

Persons: Andrew Stoltmann, Tommy Lucas, Moisand Fitzgerald Tamayo Locations: Chicago, Orlando , Florida, California

☆ Didn't win the Mega Millions $1.05 billion jackpot? You can get a free doughnut from Krispy Kreme
▼ + stars: | 2023-08-02 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

Nobody won the Mega Millions $1.05 billion jackpot during Tuesday night's drawing. You're way more likely to be able to score your free doughnut than you were to win the jackpot, anyway. Your odds of hitting the Mega Millions jackpot? On Friday August 4, the Mega Millions jackpot is expected to be around $1.25 billion, the fourth-largest in the game's history. Mega Millions did already have a billion-dollar jackpot winner once this year, back in January.

Persons: Nobody, It's Organizations: Mega Locations: Krispy

☆ Mega Millions jackpot climbs to $820 million—here's how much you'd actually take home in every U.S. state
▼ + stars: | 2023-07-25 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

You may have missed out on Powerball's $1.08 billion jackpot prize, but there's still $820 million up for grabs with Mega Millions' next draw Tuesday night at 11 p.m. But then there's taxes. For either payout option, you'll pay an automatic 24% federal withholding tax on your winnings. That means you'd almost certainly pay another 13% in taxes when you file a 2023 tax return. Eight states don't charge income tax on lottery winnings: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.

Organizations: Millions, D.C Locations: California, Florida , New Hampshire, South Dakota , Tennessee , Texas, Washington and Wyoming, Washington

☆ The store owner who sold $1 billion Powerball ticket plans to take his family on a vacation to Mexico with the $1 million reward
▼ + stars: | 2023-07-22 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

An LA convenience store owner will get a $1 million reward for selling the winning Powerball ticket. Nabor Herrera told K-CAL News he plans to take his family on a vacation to Cabo San Lucas. On Thursday, Powerball confirmed that someone in California had picked the correct numbers to scoop the $1.08 billion jackpot. This was the third-largest sum in Powerball's history, after a $2.04 billion jackpot last year. Herrera, who has four children, told K-CAL he plans to take his family on a vacation to Cabo San Lucas, Mexico with some of the winnings.

Persons: Nabor Herrera, Cabo San, Herrera, he'd, Joseph Chahayed, Palmitas's Herrera Organizations: CAL, Service, Downtown, Powerball Locations: LA, Cabo, Cabo San Lucas, Wall, Silicon, Angeles, California, Mexico

☆ Powerball's $1 billion jackpot has a winner—and 36 others scored $1 million
▼ + stars: | 2023-07-20 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

One lucky Golden State winner scored the Powerball's third-ever $1 billion jackpot by matching all five numbers and the Powerball. But seven other California players got lucky too. They were among 36 players across 16 states who matched five numbers to win $1 million during the draw. The million-dollar prize automatically drops to $760,000 after getting taxed at the 24% federal rate, according to Powerball's tax calculator. Unlike the jackpot winner, these million-dollar prize winners may not have the option to stretch their winnings out over a period of time — they have to take a lump sum.

Organizations: Golden, California, Connecticut, Illinois Indiana, Missouri, Wisconsin, Powerball Locations: California, Connecticut Florida, Illinois Indiana Kentucky Massachusetts, Maryland, Missouri New Hampshire New Jersey, New York, Ohio Texas, Wisconsin West Virginia, Florida , Pennsylvania, Rhode, Florida, New Hampshire, New Jersey

☆ $1 billion Powerball jackpot is up for grabs. Here’s what the winner could owe in taxes
▼ + stars: | 2023-07-19 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Scott Olson / GettyThe Powerball jackpot has ballooned to an estimated $1 billion, raising the stakes for the next drawing at 10:59 p.m. It's the third-biggest prize in the game's history — falling behind the record $2.04 billion jackpot in November and $1.586 billion prize from 2016, according to the Multi-State Lottery Association. More than $124 million immediately goes to the IRSBefore seeing a penny of the jackpot, winners pay a sizable tax withholding. However, Loyd warns the 24% withholding won't cover the entire tax bill because the prize pushes the winner into to the 37% tax bracket. After the 24% federal withholding, the jackpot winner's tax bill depends on several factors but could easily represent millions more.

Persons: Scott Olson, John Loyd, Loyd Organizations: State Lottery Association, IRS Locations: Fort Worth , Texas

☆ Powerball's jackpot reaches $1 billion—here's the after-tax payout in every U.S. state
▼ + stars: | 2023-07-19 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

But the amount that winners take home will vary by hundreds of millions of dollars, based on the payout they choose and whether their state charges taxes on the winnings. All winners pay an automatic 24% federal withholding tax on their winnings, which is considered income. Then you have state income taxes, which range from 2.9% to 10.9% depending on which state you live in. And eight states don't charge income tax on lottery winnings: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming. Assuming a top federal tax rate of 37%, here's the after-tax amount you'd take home in each state and Washington, D.C., if you won the $1 billion jackpot, for both the lump sum and annuity option, according to usamega.com.

Persons: Powerball's, It's Organizations: D.C Locations: California, Florida , New Hampshire, South Dakota , Tennessee , Texas, Washington and Wyoming, Alabama, Alaska, Hawaii , Nevada, Utah, Washington

☆ Powerball jackpot hits $900 million. Here's the tax bill if you win
▼ + stars: | 2023-07-17 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Justin Sullivan | Getty ImagesThe Powerball jackpot has soared to an estimated $900 million after Saturday's drawing went by without a winner. If you choose the $465.1 million cash option, the 24% withholding automatically reduces your prize by roughly $111.6 million. "The 24% [withholding] is not the only tax bill" because the highest federal tax bracket includes another 13%. You calculate taxable income by subtracting the greater of the standard or itemized deductions from your adjusted gross income. The jackpot winner's remaining tax bill after the 24% federal withholding depends on several factors but could easily represent millions more.

Persons: Justin Sullivan, It's, John Chichester Jr, Chichester, it's Organizations: Chichester Financial Group, IRS Locations: Phoenix

☆ Powerball jackpot climbs to $875 million. Here’s how much the winner could pay in taxes
▼ + stars: | 2023-07-14 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

If you choose the $441.9 million cash option, the 24% withholding automatically reduces your prize by roughly $106 million. "The 24% [withholding] is not the only tax bill" because the highest federal tax bracket includes another 13%. Here's how federal tax brackets workWhile inflation increased the federal income tax brackets for 2023, millions from the lottery still pushes the winner into the 37% bracket. You calculate taxable income by subtracting the greater of the standard or itemized deductions from your adjusted gross income. The jackpot winner's remaining tax bill after the 24% federal withholding depends on several factors but could easily represent millions more.

Persons: Scott Olson, John Chichester Jr, Chichester, it's Organizations: Chichester Financial Group, IRS Locations: Phoenix

☆ Powerball's jackpot prize is now $875 million—4 things you should do if you win
▼ + stars: | 2023-07-14 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

Powerball's projected jackpot is $875 million — the third-highest ever – ahead of Saturday's draw. While most ticket holders daydream about defying the odds and winning the prize, many don't know what steps they should take immediately after winning all that money. Until you claim the prize, the ticket will be worth hundreds of millions of dollars, which will make you a target for scammers. "Not to mention the risk to your family's personal safety." Keep the ticket secureKeep your winning ticket in a secure location, preferably in a safety deposit box at your bank, or in a personal safe.

Persons: Amy Hubble, it's Locations: Oklahoma City

Lara and Roger Griffiths bought their dream home … and then life fell apart. The Daily MailBefore they won a $2.76 million lottery jackpot in 2005, Lara and Roger Griffiths, of England, reportedly never argued. Then they won and bought a million-dollar barn-converted house and a Porsche, not to mention luxurious trips to Dubai, Monaco, and New York City. Shortly after, there were claims that Roger drove away in the Porsche after Lara confronted him over emails suggesting that he was interested in another woman. That ended their 14-year marriage.

Persons: Lara, Roger Griffiths, Roger Organizations: Daily, Porsche, New York City . Media Locations: England, Dubai, Monaco, New York City

☆ You could win nearly $1 billion between the Mega Millions and Powerball jackpots—how much you'd take home after taxes
▼ + stars: | 2023-07-03 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

Powerball's jackpot is worth $522 million and Mega Millions' jackpot is $400 million ahead of late-evening draws on Monday and Tuesday, respectively. For the $522 million Powerball jackpot, the lump sum payout is $269,600,000. For the Mega Millions $400 million jackpot, it's $205,000,000. Check out current Powerball jackpot payout estimates in your state, based on calculations by usamega.com. How much you'd take home after winning Mega Millions' $400 million jackpot

Organizations: Powerball, Internal Revenue Service Locations: North Dakota, New York, California, Florida , New Hampshire, South Dakota , Tennessee , Texas, Washington and Wyoming

☆ Powerball's jackpot climbs to $366 million — here are the 8 states where you’d win the most
▼ + stars: | 2023-06-17 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

The Powerball lottery jackpot has crept up to a sizable $366 million ahead of Saturday night's draw, but if you're lucky enough to win, the amount you actually take home is likely far less. With the annuity option, you'll receive the full jackpot amount. With the lump-sum payout, you will receive 52% of the jackpot amount, according to calculations by lottery site usamega.com. Beyond that, you also have to pay taxes. While state taxes vary, all winners pay an upfront federal withholding tax of 24% on the winnings.

Persons: you'll

☆ Didn't win Powerball's $2 billion jackpot? You may be still be one of the 22 people who won $1 million
▼ + stars: | 2022-11-10 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +3 min

But matching five of the numbers still means a $1 million payout — and 22 people across 16 different states may have winning tickets, according to Powerball. The automatic 24% federal tax rate would take a $1 million payout down to $760,000, according to Powerball's tax calculator. There are enough horror stories of lottery winners squandering their earnings to make winning a major prize seem like more trouble than it's worth. A smaller prize takes a bit of the pressure off, but anyone receiving such a large cash payout can make mistakes. Common advice for lottery winners says to take the prize as an annuity to extend its life.

☆ Winning ticket for Powerball's record $2.04 billion jackpot sold in California — here's what will go to taxes
▼ + stars: | 2022-11-08 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

The $2.04 billion Powerball jackpot has a winner — well, two, if you count Uncle Sam. A single ticket sold in California matched all six numbers pulled in the delayed drawing, which was held Tuesday instead of Monday night due to one state needing additional time to process its sales and play data, according to Powerball officials. The prize marks the largest ever in lottery history. The jackpot had been rolling higher through thrice-weekly drawings since Aug. 3, when a ticket in Pennsylvania scored $206.9 million. If the person were to choose the cash option — which most big jackpot winners do — the ultimate tax bill would partly depend on their state of residence.

☆ Powerball drawing held for record $2.04 billion jackpot after delay of hours
▼ + stars: | 2022-11-08 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

Powerball sign and lottery tickets are seen at a 7-Eleven store in Milpitas, California, on Nov. 7, 2022. The drawing for a record Powerball jackpot topping $2.04 billion was held Tuesday morning after a delay because of issues with just one state processing ticket sales. "Powerball requires all 48 participating lotteries to submit their sales and play data prior to the winning numbers being selected. Once Powerball receives the outstanding submission, the drawing can proceed," the group said. "Due to the length of the draw delay, it is likely that we will not know the official results of the Powerball drawing until Tuesday morning," the statement said.

☆ The Powerball jackpot is $1.9 billion only if you take the annuity. Here's why the lump sum may be overrated
▼ + stars: | 2022-11-07 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

It's hard to imagine what it would be like to win Powerball's $1.9 billion prize. "The curse of the lottery losers is very real," said Andrew Stoltmann, a Chicago-based lawyer who has represented several recent lottery winners. One of the very first decisions a winner must make — whether to accept the jackpot as a lump sum or as an annuity — often ends up being their downfall, Stoltmann said. The upfront cash option — which most jackpot winners choose — for this drawing is $929.1 million. Still, "over 90% of winners take the immediate lump sum," Stoltmann said.

☆ Powerball's $1.9 billion jackpot is the biggest ever—here’s how much you’d take home in every U.S. state
▼ + stars: | 2022-11-07 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

With the Powerball lottery jackpot a record-breaking $1.9 billion, you probably don't have to worry about having enough money if you win. But the amount winners take home differs by hundreds of millions depending on the payout they choose and whether their state taxes the winnings as income. Then there's state taxes, which range from 2.9% to 8.82% for states that levy them. Some states don't tax lottery winnings at all. Note that there are five states that do not participate in the Powerball lottery at all: Alabama, Alaska, Hawaii, Nevada and Utah.

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