Posted on: September 12, 2023, 12:45h.
Final up to date on: September 12, 2023, 12:45h.
The Powerball jackpot hasn’t been hit since July 19 when a fortunate participant in California gained a $1.08 billion prize — the lottery sport’s third-richest jackpot ever gained.
Powerball has gone 23 consecutive drawings with out a ticket matching the six drawn numbers. The jackpot rolled over once more Monday evening after no slip matched the 5 white balls of 9, 25, 27, 53, 66, and the purple Powerball 5.
The jackpot for tomorrow evening’s drawing is an estimated $550 million, with a one-time lump money possibility of roughly $266 million. Each quantities are earlier than federal and probably state taxes.
At $550 million, the present jackpot is nearing Powerball’s high 10 all-time richest jackpots. Powerball debuted in April 1992. The interstate lottery sport is run by the Multi-State Lottery Affiliation (MUSL) and headquartered on the Florida Lottery.
Powerball is drawn thrice per week at 10:59 pm ET from the Florida Lottery’s studio in Tallahassee. The attracts are held on Monday, Wednesday, and Saturday nights.
The Powerball jackpot has been hit 4 instances this 12 months. The primary got here on Feb. 6 when a participant in Washington gained $754.6 million.
The second jackpot win got here on March four when a ticket in Virginia hit for $162.6 million. The third occurred on April 19 when a participant in Ohio gained $252.6 million. The fourth — and final 12 months thus far — was the $1.08 billion prize gained in California close to Los Angeles’ Skid Row.
Tax Breakdown
The federal authorities considers lottery winnings as private earnings. Since a Powerball jackpot would instantly put the winner into the federal government’s highest tax bracket, the proceeds can be subjected to an efficient tax price of 37%.
9 states don’t tax lottery winnings as private earnings. They’re California, Delaware, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming.
New York levies the best tax on lottery earnings at an efficient price of 10.9%. On a money possibility prize of $266 million, New York’s minimize can be round $28.9 million.
Different jurisdictions and states with excessive lottery taxes embody DC and New Jersey at 10.75%, Oregon (9.9%), Minnesota (9.85%), Massachusetts (9%), Maryland (8.95%), and Vermont (8.75%).
For tax particulars on all different states that take part in Powerball, click on right here.
Sept. 11 Winners
Powerball’s Monday evening drawing didn’t flip up a jackpot winner, however MUSL officers mentioned the draw nonetheless produced greater than 745,000 successful tickets.
The highest prize got here in Michigan the place a fortunate slip matched all 5 white balls however not the purple Powerball to assert the sport’s second-best prize of $1 million. The participant would have gained $2 million however didn’t buy the non-obligatory $1 add-on Megaplier, which landed on 2x on Monday evening.
9 different gamers had their tickets match 4 white balls and the purple Powerball for the sport’s third-tier prize of $50,000. Three of these tickets bought the Megaplier to double their payouts to $100,000.
Almost 400 tickets matched 4 of the 5 white balls for $100 wins, with 83 having the Megaplier to assert $200. Greater than 1,000 tickets matched three white balls and the purple Powerball for $100 prizes, with 302 buying the Megaplier.
