WinningPowerballticket worth $1M sold in Connecticut

Jul. 19—The $1 million winners can claim their ticket as a set amount, according to Powerball's website. In Connecticut, all lottery prizes are subject to a state income tax of 6.99 percent and the IRS adds a mandated 24 percent withholding tax for prizes over $5,000, leaving the Connecticut winner with $690,100.

The Powerball jackpot has grown to an estimated $1 billion for Wednesday's drawing. According to the release, this is the third time the jackpot has reached $1 billion. It's the seventh-largest U.S. lottery jackpot and the third-largest Powerball jackpot, according to Powerball.

If one person wins Wednesday's jackpot, they will have the chance to pick either a lump-sum payout of $516.8 million before taxes or an annual payment where they will receive $10.4 million after taxes, according to winnings calculators like lotterycritic.com, followed by 29 annual payments, which increase by 5 percent each year.

Connecticut players have a year from the drawing date to redeem their winning tickets. The jackpot and any prize larger than $50,000 must be claimed in person at the Connecticut Lottery headquarters in Rocky Hill.

Connecticut residents also have the opportunity to win the $640 million Mega Millions jackpot tonight.

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