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☆ A man is suing the DC Lottery after claiming he won a $340 million jackpot, only to be told it was not a valid win
▼ + stars: | 2024-02-20 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

A man who claims to have won $340 million has sued the DC Lottery after being told it was a mistake. For a while, two sets of "winning" numbers were listed on the website. AdvertisementA man has sued the DC Lottery after being told what he thought was a $340 million win was actually a mistake. The actual winning numbers were later published on the website after the drawing alongside the incorrect ones. In the lawsuit, Cheeks asked for a payment of $320.6 million, which he said was the amended grand prize amount given by the DC Lottery, as well as interest.

Persons: John Cheeks, —, Cheeks, he'd, wouldn't, Richard Evans Organizations: DC Lottery, DC, Service, District of Columbia, Lottery, Gaming, Taoti Enterprises, Powerball, State Lottery Association, BBC Locations: Superior

☆ $1.73 billion Powerball jackpot is the second-largest ever. Why prizes are getting bigger more often
▼ + stars: | 2023-10-11 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Justin Sullivan | GettyThe Powerball jackpot surged to an estimated $1.73 billion, the second-largest prize in the game's history, without a winning ticket on Monday. While it's the first time Powerball has seen back-to-back billion-dollar grand prize cycles, lottery jackpots have gotten bigger more frequently over the past several years, experts say. Without a jackpot winner, the estimated grand prize keeps rolling over until a player chooses all six numbers. Higher interest rates have boosted jackpotsAnother reason for bigger lottery jackpots over the past couple of years has been rising interest rates, said Akshay Khanna, CEO of Jackpot.com, which sells state lottery tickets. "The higher the interest rates, the more you're earning on that pool of capital."

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

☆ 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

The Powerball jackpot soared to an estimated $1.4 billion as of Oct. 6, 2023, according to the Multi-State Lottery Association. The Powerball jackpot has soared to an estimated $1.4 billion ahead of Saturday night's drawing — and financial experts have tips for the lucky winner. As the third-largest prize in the game's history, the winner will pick between a lump sum worth $614 million or an annuitized prize of $1.4 billion. The biggest pitfalls for lottery winners are excessive spending, poor investment choices and family members asking for money, said Andrew Stoltmann, a Chicago-based lawyer who has represented several lottery winners. "Saying 'no' to family might be the toughest thing that lottery winners have to do," he said.

Persons: Andrew Stoltmann Organizations: State Lottery Association Locations: Chicago

☆ Winning ticket for Powerball’s $1.08 billion jackpot sold in California — here’s how much the winner will owe in taxes
▼ + stars: | 2023-07-20 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

The Powerball jackpot reached $1.08 billion on July 19, 2023. Joe Raedle | GettyIt's official: There's a winner for the $1.08 billion Powerball jackpot — and the taxman will take a hefty cut. Last-minute ticket sales pushed the jackpot to $1.08 billion from $1 billion. The winner can choose between a 30-year annuitized prize of $1.08 billion or a lump sum payment of $558.1 million. If they choose the $558.1 million cash option, the 24% withholding automatically reduces the prize by about $134 million.

Persons: Joe Raedle, John Loyd, Loyd Organizations: Getty, State Lottery Association Locations: California, Fort Worth , Texas

☆ $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 prize reaches $615 million, the 10th largest jackpot in history
▼ + stars: | 2023-07-08 | by ( Ashley R. Williams | ) edition.cnn.com time to read: +1 min

The potential prize for the massive Powerball jackpot just made history, lottery officials announced Friday. A fortunate player could end up taking home $615 million in Saturday’s drawing – the 10th-largest Powerball prize ever. The lucky winner of Saturday’s jackpot could choose between the annuitized $615 million prize over 30 years or to take the lump-sum payment. However, three lucky players in Florida, Ohio and New York won $1 million prizes, according to officials. A ticket sold in California won the largest-ever Powerball prize of $2.04 billion on November 7, 2022.

Persons: ” Organizations: CNN, State Lottery Association, New York Locations: Ohio, Florida , Ohio, New, California

☆ Powerball jackpot soars to $615 million. Here's how much the winner could owe in taxes
▼ + stars: | 2023-07-07 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If you manage to score the winning ticket for the Powerball jackpot this Saturday evening, your winnings will shrink significantly after Uncle Sam takes its share. The Powerball jackpot winner can choose between a lump sum of $310.6 million cash or yearly payments worth $615 million. These are estimates until the Multi-State Lottery Association takes bids on the purchase of investments. "One thing that's unique about the lottery is that you can accept it over a 30-year period with annuity payments," said certified financial planner John Chichester Jr., founder and CEO of Chichester Financial Group in Phoenix. The odds of winning the Powerball jackpot are about 1 in 292 million.

Persons: Uncle Sam, John Chichester Jr, It's, Chichester Organizations: State Lottery Association, Chichester Financial Group, Finance, Federal, Shoppers, Amazon Prime Locations: Phoenix

☆ The Powerball jackpot is worth $427 million — here are the odds you'll win
▼ + stars: | 2023-06-24 | by ( Mike Winters | ) www.cnbc.com time to read: +3 min

While it's possible to win Saturday's $427 million Powerball jackpot, the odds are stacked against you. Match 5 winnings are always doubled to $2 million with the Power Play option, no matter which Power Play number is drawn. The 10 times multiplier is only available when the jackpot is $150 million or less. Considering the incredible odds, you should only wager what you're willing to lose, since winning a large payout is highly unlikely. If the numbers don't match a ticket, the jackpot funds will rollover to the next draw, which is Monday at 10:59 p.m.

Persons: Warren Buffett Organizations: National Weather Service, State Lottery Association Locations: California

☆ The Mega Millions jackpot is $785 million. Taking the lump sum is 'typically a big mistake,' lottery lawyer says
▼ + stars: | 2023-01-03 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

This could be a very good year for one lucky winner of the fourth-largest jackpot in Mega Millions history. "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 $403.8 million, as of midday Tuesday. Still, "over 90% of winners take the immediate lump sum," Stoltmann said.

The Powerball numbers in the record $2.04 billion drawing were announced Tuesday morning after lottery officials said there was a delay Monday night. The winning numbers were 10, 33, 41, 47, 56 and the Powerball was 10, with the drawing taking place just before 9 a.m. Powerball requires all 48 participating lotteries to submit their sales and play data before the winning numbers can be selected. The last winning Powerball ticket was drawn Aug. 3 by a lucky Pennsylvanian. Three winning tickets were sold in California, Florida and Tennessee in a $1.58 billion Powerball in 2016.

☆ $1.9 Billion Powerball Drawing Is Delayed Because of Security Issue, Officials Say
▼ + stars: | 2022-11-08 | by ( Alyssa Lukpat | ) www.wsj.com time to read: 1 min

The highly anticipated Powerball drawing for a record $1.9 billion jackpot on Monday night was delayed because of a security issue in one U.S. state or territory, officials said. Players hoping they secured the biggest lottery windfall in U.S. history would have to wait until one of the 48 participating states or territories finished their security procedures, the Multi-State Lottery Association, which runs the Powerball game, said Tuesday morning.

☆ Why Powerball Jackpot Jumped to a Record $1.9 Billion
▼ + stars: | 2022-11-08 | by ( Imani Moise | ) www.wsj.com time to read: 1 min

One lucky ticket in Monday night’s Powerball drawing could win someone a $1.9 billion jackpot, the largest lottery prize in U.S. history. If no one picks the right numbers, the game would tie another record: 40 consecutive drawings without a winner. Big jackpots have become more common and harder to win in recent years. The Multi-State Lottery Association, which runs the Powerball game, made changes to the game in 2015 that lowered the odds of hitting the big jackpot, to 1 in 292 million from approximately 1 in 175 million. The Federal Reserve’s interest rate increases further boosted jackpots, because the advertised award is based on the prize money’s investment in a portfolio of bonds over 30 years.

☆ 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 $1.9 billion Powerball jackpot — the largest ever — is up for grabs. Here's the tax bill if there's a winner
▼ + stars: | 2022-11-07 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

Whoever is the next jackpot winner in Powerball will be looking at the largest lottery prize ever awarded. The tax bill will also be pretty impressive. After no one hit all six numbers drawn Saturday, the Powerball jackpot headed higher. The cash option, however, is driven by ticket sales. The top prize has been rolling higher through thrice-weekly drawings since Aug. 3, when a ticket bought in Pennsylvania matched all six numbers drawn to land a $206.9 million jackpot.

☆ 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 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.

☆ 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%.

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