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Powerball jackpot in US: Winner won’t get $1.4 billion prize money, here’s why

$1.4 billion is now the third-highest amount in Powerball jackpot history.

The Powerball jackpot in US, has climbed to a whopping $1.4 billion. No player was able to match all six numbers on Wednesday night. The winning numbers were: 9, 35, 54, 63, 64 and the Powerball 1.

As the winning amount has risen to whopping $1.4 billion, it is now the third-highest amount in Powerball jackpot history. $2.04 billion (Powerball) in 2022(California) is the highest amount that the jackpot ever reached.

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While players are dreaming of getting their hands on the jackpot, a report by wfla.com tells that the winner won’t be getting the full $1.4 billion.

Why the winner won’t get $1.4 billion in full

The Jackpot winnings are given as lump sum or an annuitized option of a one-time payment, followed by 29 annual payments that grow by 5% each year.

If the winner opts for the annuitized option, they won’t get the full amount due to taxes. Almost 37% of the prize money will be withheld in taxes, so the winner would get $883.1 million in total as the prize money.

If the winner opts for the lump sum which is the cash value, it originally comes to $643.7 million. But after bringing taxes into play, the lump sum will be roughly $405.6 million.

In some US states, the taxes will be even higher. A winner from Arizona would get either $389.5 million in a lump sum, or about $848.1 million after 30 annuitized payouts. A winner from New York would get a lump sum of $335.4 million or $730.5 million in annuitized payments.

Moreover, if there are multiple winners as a result of multiple tickets matching the winning numbers, the prize money will be split. Notably, of the more than 200 Powerball jackpots which have been won since 2003, 18 involved two or more winning tickets.

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