 ahead of the next drawing, becoming the largest-ever prize in the American lottery game's history. It reached the huge sum after no tickets matched all six numbers drawn on Monday and, according to Powerball's website, the prize has an estimated cash value of $390.4million (£321million). There have been 29 consecutive drawings without a jackpot winner after a lucky player won $1.08billion (£822,650,000) in California in July. If a winner emerges in the next draw on Wednesday, they will have to choose between a $835million payout spread over 30 annual installments or a lump sum amount of $390.4 million, which is usually the more popular choice. Those choosing the lump sum payment will however face a mandatory federal tax withholding of 24% which will leave them with $296.7million (£244million). For all the latest on news, politics, sports, and showbiz from the USA, go to The Mirror US Depending on their income, the winner could also face a federal marginal rate as high as 37%, which could make the prize drop to around $245.95million (£202million). And if the annual payment option is selected, payments of around $27.83million (£23million) could drop as low as $17.53million (£14.42million), taking the federal marginal rate into account. The total amount will also depend on the state the winner is in - for example, New York taxes lottery winnings at 10.9% while other states such as Florida and California do not tax them at all. The odds of winning the jackpot are 1 in 292.2 million, according to Powerball. Powerball is played in 45 states, Washington DC, Puerto Rico and the US Virgin Islands. Drawings are held Monday, Wednesday and Saturday at 10.59pm ET. Sales cut-off times vary by one to two hours before the drawing){kind=link}
A lucky American could scoop a huge prize this Wednesday as the Powerball jackpot hit an estimated $835million. Winners will be able to choose between annual payments or a lump sum
The Powerball jackpot has climbed to an estimated $835million (£686million) ahead of the next drawing, becoming the largest-ever prize in the American lottery game’s history.
It reached the huge sum after no tickets matched all six numbers drawn on Monday and, according to Powerball’s website, the prize has an estimated cash value of $390.4million (£321million). There have been 29 consecutive drawings without a jackpot winner after a lucky player won $1.08billion (£822,650,000) in California in July.
If a winner emerges in the next draw on Wednesday, they will have to choose between a $835million payout spread over 30 annual installments or a lump sum amount of $390.4 million, which is usually the more popular choice. Those choosing the lump sum payment will however face a mandatory federal tax withholding of 24% which will leave them with $296.7million (£244million).
For all the latest on news, politics, sports, and showbiz from the USA, go to The Mirror US