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Powerball’s top prize rose further, propelling it into the top 10 biggest jackpots in US lottery history.
As no one matches the six numbers drawn on Wednesday night, the jackpot is now estimated at $ 620 million for Saturday night’s draw. If there is a winning ticket, it would be the 10th biggest lottery jackpot won – and still $ 980 million behind the biggest ever: a $ 1.6 billion Powerball prize won in January 2016.
The jackpot has been rising since early June, when a single ticket sold in Florida won $ 286 million. Since then, there have been 38 designs without a big winner.
The cash value – which most winners choose instead of a 30-year annuity – for that $ 620 million jackpot is $ 446 million. That amount would be reduced by a 24% federal withholding tax of approximately $ 107 million, as well as any state taxes owed. And, more would likely be owed to the IRS at tax time.
Despite the large share that goes to taxes, the windfall would be more than what most people see in their lives. It is therefore important for winners to get professional advice before going to the lottery headquarters. Depending on where the ticket is purchased, you have three months to a year to claim your prize.
Generally speaking, the first call should be a lawyer experienced in assisting lottery winners, experts say. Other professionals should also be brought in to help, including a tax advisor and a financial advisor.
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The winner must also make a copy of their ticket and keep the original in a safe place (ie a safe or bank safe). Plus, it’s worth sharing the news with as few people as possible, according to experts.
Meanwhile, the Mega Millions jackpot is $ 34 million for Friday night’s draw. Last week, a ticket sold in New York City matched all the numbers drawn to win around $ 431 million.
Your chances of hitting the jackpot of either game with a single ticket are minimal. For Mega Millions, it’s 1 in 302 million and for Powerball, 1 in 292 million.
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