What would you do with the $110 million Powerball jackpot if you have the winning numbers in the May 16 drawing? There’s a one in 175 million chance that your ticket is a winner, but it’s fun to think about what life would be like if you beat the odds and become the lottery’s next mega-millionaire.
UPDATE: The winning Powerball numbers for May 16 are: 24, 29, 38, 48, 52 PB 32
There hasn’t been a jackpot winner since April 18, when one lucky winner in Puerto Rico won $50 million. Lottery players are anxious to see who will be next to cash in on a massive amount of money. If you haven’t purchased a ticket for Saturday night’s drawing, you may be out of luck. Most lottery retailers stop selling tickets at approximately 9:50 p.m.
Powerball tickets are $2 each, and you can increase your non-jackpot prizes by paying an extra $1 PowerPlay feature. Check the “yes” box in the yellow PowerPlay box on the lottery slip to add this option to your ticket. Tickets can be purchased at lottery retailers in 44 states; Washington, D.C.; Puerto Rico; and the U.S. Virgin Islands.
The May 16 $110 million Powerball jackpot has a cash value of $70.5 million. Winners have the choice of a one-time lump sum payment, or an annuity. The lump sum payment for Saturday night’s jackpot would be approximately $52.8 million after federal taxes equal to 25 percent of the cash value are taken out.
The winner would also have to pay state taxes on their winfall, unless they live in California, Delaware, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, or Wyoming, where there is no state tax on lottery prizes. Residents of Puerto Rico are not required to pay federal tax, but do pay a special tax that ranges between five and 20 percent of the jackpot.
Taxes are also taken out of the annuity payments that are paid out every year for 30 years, starting with the first payment that is issued shortly after the Powerball ticket is claimed at lottery headquarters in the winner’s home state. According to U.S.A. Mega, annuity payments increase yearly according to each state’s rate schedule.
While you wait for the Powerball numbers to be drawn, here are the winning numbers from the four most recent drawings:
- May 13: 1-25- 29-31-47 PB: 7
- May 9: 4-15-17-35-58 PB 17
- May 6: 23-24- 27-39-41 PB 30
- May 2: 2-6-11-30-31, PB 33
What will you do with your millions if you are the Powerball jackpot winner on Saturday night?
[Image: Getty Images/Scott Olson]