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Powerball jackpot grows to record $1.9 BILLION – but lucky winner faces up to $700m tax bill

The Powerball grew to almost $2 billion after no profitable tickets had been offered in Saturday evening’s drawing – but the lucky winner might lose a whopping $700million from the jackpot. 

The $1.9 billion jackpot is the world’s largest lottery prize ever provided, with an estimated money worth of $929.1 million, in accordance to Powerball, but the chances of profitable are simply 1 in 292.2 million. 

It comes after Saturday’s $1.6 billion Powerball, which had a lump-sum choice of an estimated $782.4 million, broke ‘the world record for the biggest nationwide lottery jackpot within the Guinness World Records,’ in accordance to the California Lottery.

The Guinness World Records’ ‘Greatest jackpot in a nationwide lottery’ had beforehand ben set by the Powerball in January 2016, when three tickets gained a $1.586 billion jackpot.

Powerball tickets are $2 per play and are offered in 45 states, the District of Columbia, Puerto Rico and the US Virgin Islands.

The subsequent drawing for the $1.9 billion jackpot is Monday at 10.59pm EST.

DailyMail.com is right here to break down any questions you will have in regards to the lottery.

A large quantity of the record-breaking $1.9 billion jackpot might be wolfed up in federal tax

Monday's Powerball lottery hit a world record-breaking $1.9 billion jackpot

Monday’s Powerball lottery hit a world record-breaking $1.9 billion jackpot

How many tickets have already been offered?

It is unclear what number of tickets have been offered for the $1.9 billion lottery, but almost 11 million tickets in Saturday’s $1.6 billion jackpot gained money prizes.

The record-breaking lottery set off a frenzy of individuals attempting their luck on the $1.6 billion prize with Franklin and Oneida counties in Idaho — which pulls in gamblers from close by Utah — ticket gross sales had been up 597 % this week, in accordance to the New York Times.

About 280 million tickets had been offered for Saturday’s draw.

How a lot of the jackpot would go to taxes?

Federal tax might eat up a large 37 % of the jackpot – and that is earlier than additional taxes in some states.

The complete federal tax on the $1.9billion annuity would come to greater than  $700million throughout the 30-year interval.

Federal tax on the lump sum of $929million could be almost $345million, in accordance to usamega.com. 

Then there are state taxes to take into account.  

How a lot a lottery winner would pay in taxes would differ tremendously relying on which state they dwell in, as some states have state taxes whereas others don’t.

For instance, somebody residing in New York State, which does have an revenue tax, would have to pay one other 8.82 % to the state. There are additional taxes for many who dwell in New York City, too.

That would quantity to round $100 million to the state authorities.

But if a lottery winner lives in Florida, which doesn’t have a state tax, they’d solely have to pay federal taxes.

What would occur if I break up the prize with my co-employees or buddies?

Going in on an office lottery pool might enhance your possibilities of profitable, as extra tickets may very well be purchased when extra folks chip in. 

However, the jackpot would then have to be break up amongst all of the contributors — and betters would need to be certain that their coworkers are being trustworthy.

Attorneys recommend anybody who will get in an office pool or buys tickets with a gaggle of buddies create a written settlement specifying how a lot every particular person would put into purchase the tickets and the way a lot every particular person will obtain in the event that they win.

Without such an settlement, lawyer Alicia McMurray instructed 10 News, the particular person in possession of the bodily ticket might money it with out telling you and refuse to share the money.

But if in case you have a written settlement, you’ll be able to sue.

It is unclear how many tickets have been sold for the $1.9 billion lottery

It is unclear what number of tickets have been offered for the $1.9 billion lottery

How can I maximize my possibilities of profitable the Powerball? 

There are many theories about how you possibly can finest enhance your possibilities of profitable the lottery.

Some folks will say it’s best to purchase lottery tickets extra often, whereas others recommend utilizing ‘lucky numbers’ like your youngsters’s birthdays and others, nonetheless, say it’s higher to use the QuickPick function the place numbers are randomly chosen.

But the one surefire manner to maximize your possibilities is by shopping for extra tickets per every recreation, Harvard statistics professor Dr. Mark Glickman beforehand instructed CNBC

At the identical time, although, shopping for extra tickets signifies that ‘the funding you make by enjoying a number of video games additionally goes up, and the payoffs in an actual lottery differ,’ mentioned Dr Lew Lefton, a school member of Georgia Tech’s School of Mathematics.

In different phrases, investing extra money into a better variety of tickets might not at all times be definitely worth the expense.

‘My recommendation is do not play the lottery and count on to win,’ he instructed CNBC. ‘That mentioned, it may be enjoyable to play the lottery and picture you win.

‘That’s a distinct method, and it is identical to another playing: You ought to solely be keen to spend what you’ll be able to afford to lose.’ 

Certain numbers have been drawn more frequently than others — but all have an equal chance of being drawn

Certain numbers have been drawn extra often than others — but all have an equal likelihood of being drawn

What are the most typical and rarest numbers ever drawn? 

 All mixtures of numbers have the identical likelihood of profitable — but sure numbers have been drawn extra occasions than others.

Over the previous seven years, CBS 8 experiences, the ten most typical numbers to drawn on the 5 white balls for the Powerball are:

  1. 61 — drawn 78 occasions
  2. 32 — drawn 77 occasions
  3. 63 — drawn 73 occasions
  4. 21 — drawn 73 occasions
  5. 69 — drawn 71 occasions
  6. 36 — drawn 70 occasions
  7. 23 — drawn 70 occasions
  8. 39 — drawn 69 occasions
  9. 63 — drawn 69 occasions
  10. 59 — drawn 68 occasions  

And the ten most typical numbers drawn for the purple Powerball over the previous seven years are:

  1. 24 — drawn 45 occasions
  2. 18 — drawn 42 occasions
  3. 4 — drawn 36 occasions
  4. 13 — drawn 34 occasions 
  5. 21 — drawn 34 occasions
  6. 10 — drawn 33 occasions
  7. 6 — drawn 33 occasions
  8. 26 — drawn 33 occasions
  9. 19 — drawn 32 occasions
  10. 3 — drawn 32 occasions

Two numbers are tied because the least-drawn foremost numbers within the final seven years, in accordance to CBS 8: 34 and 26, each drawn simply 44 occasions.

How would I’m going about claiming my money? 

Powerball means that if you end up the lucky winner, you signal the again of your ticket to show you’re the rightful proprietor within the case it’s lost or stolen.

To acquire any prizes $600 and over, winners should go to a neighborhood district office or lottery headquarters. The declare interval for Powerball pries differs by state, and might vary wherever from 90 days to one year.

Winners can then select to have the prize paid in a lump sum or in 30 graduated funds over 29 years. 

States oversee lottery operations and have totally different guidelines for the way winnings are taxed and whether or not the names of the winners have to be made public.

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