Can you imagine winning $478.2 million? This is what happened to the lucky winner of the Powerball Jackpot in Georgia on October 24, 2024. In fact, a single ticket matched the winning numbers.
Therefore, the final price will be higher because there are no other winners to share the Powerball Jackpot. What is more, there have been a total of 8 Jackpots this year. So, it gives hope to millions of participants.
What is the cash value for this Powerball Jackpot?
According to Powerball.com, the cash value of this prize will be $230.6 million. Therefore, the lucky winner has the choice to get an annuitized prize of $478.2 million or a lump sum worth $230.6 million.
The problem is both prize amounts are before taxes. In general, lottery agencies need to withhold about 24% of that Powerball Jackpot. For example, if you prefer to get the lump sum, a 24% reduction would leave you with just $175,256,000.
Bear in mind that this will be the tax you will have to pay to the IRS. However, you need to check if you must pay any State tax. Not to mention the fact that you may be in a different tax bracket which may also imply paying more taxes.
What are the odds of winning the Powerball Jackpot?
Powerball claims that the odds of winning the Jackpot are 1 in 292,200,000. That is 1 in 292 million. Therefore, the lucky ticket has definitely beaten all the odds.
If you are worried about not winning, do not worry because every single ticket has the same chance. Besides, 8 participants have already achieved in 2024, so who knows if you will be the next winner?
Undoubtedly, paying the necessary amount of taxes may be the sweetest thing you may have to worry about because you will still enjoy a great deal of money.