UPDATE: No one won Monday drawing. The jackpot rolled over to $575 million.
There was no grand prize winner in New Year’s Day Powerball lottery jackpot and that means more than half-a-billion dollars is still up for grabs.
Monday night’s drawing is set for $540 million with a cash value worth $384.3 million.
You can watch tonight’s Powerball drawing LIVE on Channel 2. Make sure to watch before WSB Tonight at 11 p.m.!
No one has won a Powerball jackpot since Oct. 4, when one player claimed $699.8 million.
That was Powerball’s fifth-largest and the seventh-largest for any lottery in the United States.
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The odds of a single ticket winning in Powerball is 1 in 292 million.
Lotteries generally allow a winner to decide how they want to take possession of the jackpot – either by choosing an annuity where the jackpot is paid out over a 30-year period or by taking it in one lump sum.
The federal government and all but a few state governments will immediately have their hands out for a bit of your prize.
The top federal tax rate is 37% for income over $500,000. The first thing that happens when you turn in that winning ticket is that the federal government takes 24% of the winnings off the top.
But the payments don’t end there. You will owe the rest of the tax — the difference between 24% and 37% — at tax time next year.
Your winnings could also be subject to local taxes in some states.
The Georgia Lottery says it reports the names of winners of prizes above $600 to the IRS and Georgia Department of Revenue.
Georgia state income tax of 5.75% and federal income tax of 24% are withheld from prizes of more than $5,000 at the time the prize is claimed.
Additionally, the GLC is required to check for and deduct any outstanding child support payments for prizes of $2,500 and above and student loans and state taxes for prizes of $5,000 and above, net of wager or ticket cost.
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