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Powerball ticket worth $2M sold in Florida
A Powerball ticket worth $2 million was sold at a Publix in Florida, lottery officials said. The ticket was purchased at the grocery store located at 9359 Sheridan Street in Hollywood.
ORLANDO, Fla. - The Powerball jackpot for Wednesday night's drawing has skyrocketed to a whopping $1.73 billion after there was no grand prize winner on Monday.
If a lucky lottery player wins the jackpot in Florida — which has a cash value of $756.6 million – they will win the second-largest jackpot prize in U.S. history!
While you're dreaming of what you would do with all that money – like buying a new house, car, or maybe an island – how much do you really get after taxes?
With a jackpot that high, it's safe to say that no matter how much in taxes is taken out, you'd still be sitting pretty on quite a sweet chunk of change in the end.
RELATED: Winning Powerball ticket worth $2 million sold in Florida
Your winnings depend on whether you choose to take the lump sum payment or the annuity payout.
"Jackpot winners may choose to receive their prize as an annuity, paid in 30 graduated payments over 29 years, or a lump-sum payment. Both advertised prize options are prior to federal and jurisdictional taxes," the Powerball website stated.
In case you want to start calculating your potential take-home dollars now, we've tracked down some online lottery payout calculators for you to play with.
(NOTE: The accuracy of the online calculators may not be fully in line with what you actually end up with. So if you happen to win, experts say you should consult with a financial advisor.)
LOTTERY PAYOUT CALCULATORS
Omni Calculator breaks down what your payout amount will be for both the lump sum option and the annuity option, depending on what state you reside in and your filing status. (Figures below are based on filing single in Florida)
- Lump sum payout (after taxes): $566,787,668
- Annuity payout (after taxes): $1,091,090,046
AfterLotto.com has you choose your state, enter the estimated jackpot value and lets you see the payout amount for both the lump sum option and the annuity option. For example, if you live in Florida, which has no state tax, the tool calculates that you would take home:
- Lump sum payout (after taxes): $668,312,840
- Annuity payout (after taxes): $1,314,800,000
LotteryCritic.com came up with slightly different calculations for Floridians when it comes to the cash option take-home amount.
- Lump sum payout (after taxes): $802,028,000
- Annuity payout (after taxes): $1,314,800,000
The next Powerball drawing is set for Wednesday, Oct. 11, at 10:59 p.m. ET. Tickets may be purchased until 10 p.m., ET, on the night of the drawing.
The overall odds of winning a prize are 1 in 24.9. The odds of winning the jackpot are 1 in 292.2 million, lottery officials said.