Powerball jackpot reaches nearly $500 million
Monday night’s Powerball lottery drawing will be a big one.
The jackpot is worth $480 million.
The Powerball is drawn in Florida, but you can watch the LIVE drawing on Channel 2 Action News just before WSB Tonight at 11 p.m.
The Powerball jackpot was last won on Aug. 3, when a ticket in Pennsylvania matched all five white balls and the red Powerball to win a $206.9 million jackpot.
The odds of a single ticket winning in Powerball is 1 in 292 million.
The lump sum from Monday’s jackpot is $242.2 million. The annuity option allows the jackpot to be paid out across 30 years.
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The federal government and all but a few state governments will immediately have their hands out for a bit of your prize.
The Georgia Lottery says it reports the names of winners of prizes above $600 to the IRS and Georgia Department of Revenue.
Georgia’s state income tax of 5.75% and federal income tax of 24% are withheld from prizes of more than $5,000 at the time the prize is claimed.
Additionally, the GLC is required to check for and deduct any outstanding child support payments for prizes of $2,500 and above and student loans and state taxes for prizes of $5,000 and above, net of the wager or ticket cost.
The largest Powerball jackpot ever was on Jan. 13, 2016, in which three winning tickets were sold: one in Tennessee, one in Florida and one in California.
Top 10 Powerball Jackpots
1. $1.586 Billion – Jan. 13, 2016 – CA, FL, TN
2. $768.4 Million – March 27, 2019 – WI
3. $758.7 Million – Aug. 23, 2017 – MA
4. $731.1 Million – Jan. 20, 2021 – MD
5. $699.8 Million – Oct. 4, 2021 – CA
6. $687.8 Million – Oct. 27, 2018 – IA, NY
7. $632.6 Million – Jan. 5, 2022 – CA, WI
8. $590.5 Million – May 18, 2013 – FL
9. $587.5 Million – Nov. 28, 2012 – AZ, MO
10. $564.1 Million – Feb. 11, 2015 – NC, PR, TX
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