Powerball Jackpot Surpasses $1 Billion Mark in Anticipation of Monday Night Drawing

Powerball Jackpot Surpasses  Billion Mark in Anticipation of Monday Night Drawing

That’s a lotto greenbacks!

Monday night’s Powerball drawing is one for the record books: the jackpot climbed to the $1 billion mark for just the fifth time in its history.

Powerball has been on a dry spell for most of the year, going 38 consecutive drawings without a winner. No one has taken the big prize since Jan. 1, when a winning ticket worth $842.4 million was sold in Michigan.

If Monday night’s drawing ends with a winner, the lucky so-and-so will have two choices how they get their loot, a single lump-sum payment — estimated at $438.8 million — or an annuity starting with an immediate payment followed by annual payments for 29 years, increasing by 5% each year.

Tonight’s $1 billion Powerball jackpot is the fifth biggest in its history. REUTERS

Both of those payouts are before taxes, mind you. And New York is notoriously one of the worst states to live in if you score a big lotto win.

The lucky winner can choose between a $438.8 million lump sum or annual payments for 30 years increasing 5% each year. REUTERS

In addition to the 24% federal withholding every lottery prize is subject to, New York State claims a hefty 10.90% chunk of its own.

New York City then takes a piece of the action, withholding 3.876% on top of state and federal tax.

If you live in Yonkers, you’ll pay an additional 1.82575% in Yonkers withholding tax (yes, really.)

According to NerdWallet’s lottery tax calculator, if a New Yorker wins Monday night’s big jackpot and opts for the lump-sum payment, they’ll wind up with just under $295 million after taxes, having paid over $105 million in federal tax and $38.7 million to the Empire State.

If a New Yorker wins the prize and opts for the lump sum, they’ll walk away with just shy of $295 million after taxes. AP

Last April, Johnnie Taylor, 71, a handyman from Howard Beach, became New York State’s biggest lottery winner ever, taking home an eye-watering $476 million Mega Millions jackpot.

Powerball tickets are sold in 45 states, Washington, D.C., Puerto Rico and the US Virgin Islands.

According to the Multi-State Lottery Association, the overall odds of winning any Powerball prize is 1 in 24.9.

The odds of winning the jackpot are a lofty 1 in 292.2 million.

Monday’s drawing is at 10:59 p.m. EST.

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