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Powerball winning numbers + Saturday Powerball jackpot surges over $520M: How much does the IRS take?

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  • Staff Report 

The Powerball jackpot soared to $521 million as no tickets matched the six numbers in Wednesday’s draw. The much-anticipated winner faces a tough decision between an annuitized $521 million or a lump sum of $249.6 million, with the latter often being the favored choice.

Finger Lakes Partners (Billboard)

After the IRS takes its 24% cut, the lump sum payment would reduce to $189.7 million. The total could further diminish to $157.25 million due to the top federal marginal tax rate of 37%. Opting for the 30-year installment plan could see annual payments of $17.36 million drop to $10.93 million after the same tax rate is applied. State taxes could further impact the final take-home amount, varying widely depending on the winner’s residence.

With the next Powerball drawing scheduled for Saturday, hopefuls face daunting odds of 1 in 292.2 million. Despite the challenges and the inevitable tax deductions, the allure of winning remains undiminished, with millions dreaming of becoming the next big winner in one of America’s favorite lotteries.



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