POWERBALL players have the chance to score the $183million prize after it went winless again – but one rule could see you lose more than half of it.
Lottery hopefuls in the Powerball are still in with a chance of taking home the top prize after nobody won it on Monday night.
GettyLottery hopefuls in the Powerball are still in with a chance of taking home the top $183million prize after nobody won it on Monday night[/caption] GettyIt isn’t as simple as matching all of the numbers for the $183million[/caption]Nobody won the $2million or $1million prizes either.
But for those vying for their millions, it isn’t as simple as matching all of the numbers for the $183million.
Whoever wins the prize will be faced with a difficult choice, lump sum or annuity.
They can chose to take a one-time cash payment of $84.5million, which leaves $98.5million still on the table.
Or they can choose to have the $183million in scheduled payments, which come with tax.
The level of tax depends from state to state.
There are benefits and drawbacks to both options, leaving Powerball players with a dilemma to face.
On Monday, the winning numbers were 4, 44, 47, 52, 57 with a Powerball of 9.
The next drawing will take place on Wednesday February 19.
So far in 2025, a man in Oregon was the first to win the Powerball jackpot of $328.5million on January 18.
To play Powerball, you purchase a ticket and choose six numbers, or have them automatically chosen for you.
Five of them will be white balls with numbers from 1 to 69., ad the red Powerball ranges from 1 to 26.
The draws are held on Mondays, Wednesdays and Saturdays.
WINNER HUNT
Players are being urged to check their tickets as the clock is ticking on a prize worth $150,000.
Pennsylvania lotto officials revealed the slip was bought ahead of the draw on March 18, 2024.
And, there is just a month remaining until the cash prize will disappear.
That’s because it is set to expire on March 18, 2025 – unless a player comes forward and scoops the amount.
In a bid to jog players’ memories, the slip was bought at a Pat’s Beverage Store in Pottstown – located around 40 miles from Philadelphia – as reported by the CBS affiliate WKBN-TV.
The buyer matched four out of five numbers and the Powerball, but the Power Play option meant their prize tripled.
Lottery winnings: lump sum or annuity?
Players who win big on lottery tickets typically have a choice to make: lump sum or annuity?
The two payout methods can impact how much money you get from your prize.
Annuities pay out slowly in increments, often over 30 years.
Lump sums pay all at once but in a smaller amount, as taxes are withheld in one go. That means 24% of your prize goes to Uncle Sam right away. Many states tax winnings as well.
Annuities can provide winners time to set up the financial infrastructure required to take in a life-changing amount of money, but lump sums have the benefit of being taxed only once.
Inflation is also worth considering when making a choice, as payouts do not adjust with the value of a dollar. That means that you’ll likely be getting less valuable money towards the end of an annuity.
Each state and game pays out prizes differently, so it’s best to check with your state’s lottery to confirm payment policies. A financial advisor can also help you weigh the pros and cons of each option.
Experts have varying opinions on whether to take the lump sum or take the annuity.
Lotto winners who win more than $5,000 must pay 24% in tax to the federal government.
This means that at least $36,000 will be wiped from the take home sum.
Prizes won by Pennsylvanians are subject to the state’s 3.07% personal income tax.
This deduction will equal around $5,500.
The 3.07% tax is not the highest in the US as lotto winners in New York must pay the state 10.9%.
New Jersey and Oregon lotto winners are also subject to hefty taxes on their prizes.
So far in 2025, a man in Oregon was the first to win the Powerball jackpot of $328.5million on January 18Getty Read More Details
Finally We wish PressBee provided you with enough information of ( Powerball players still have a chance for $183 million prize but rule means they’ll lose over half immediately )
Also on site :