The Powerball jackpot for May 20 is a whopping $121 million, and may make one lucky ticket holder a multi-millionaire on Wednesday night. Match all six winning numbers drawn and you will be able to live like the rich and famous, provided you get sound advice from a qualified financial advisor.
There hasn’t been a jackpot winner since April 18, so maybe tonight is the night that one or more tickets will match the winning numbers. Watch the Powerball drawing live online on WRAL at 10:59 p.m. ET, or on any of these TV stations.
UPDATE: The winning Powerball numbers for May 20 are 1, 12, 28, 35, 44 PB 25
The last winning ticket was claimed by a lucky lottery player in Puerto Rico, who cashed in a ticket worth $50 million. While most winners have to pay 25 percent in federal taxes on their winnings, CNN reports that lottery winnings are exempt from income tax in Puerto Rico. However, the lottery winners are subject to a special tax that takes between 5 and 20 percent of the total prize.
If you win tonight’s $121 million jackpot and choose a lump-sum payment, you won’t get as much as you think. According to US Mega, the payout is for the cash value of the jackpot, which is currently $75.7 million. After a 25 percent federal tax is taken out (except in Puerto Rico), the net amount would be approximately $56.7 million.
If a winner chooses a 30-year annuity instead of a lump-sum payment, the lottery would issue a yearly check of approximately $3 million after federal tax is applied, but before any state taxes are taken out.
Before you start figuring out what you will spend your millions on, keep in mind that most people will be subject to state taxes on the Powerball jackpot prize. Most states require the winner to pay state tax on their winnings, unless they live in California, Delaware, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, or Wyoming.
Wednesday night’s Powerball jackpot isn’t the biggest one in lottery history, but it’s still enough to make life very comfortable. The biggest jackpot in the history of the popular lottery game was $590.5 million, won by a Florida woman on May 18, 2013.
Powerball tickets are $2 each, and you can increase the value of non-jackpot prizes by paying an extra $1 PowerPlay feature. Checking the “yes” box in the yellow PowerPlay box on the lottery slip will add this option to your ticket. Tickets are sold at lottery retailers in 44 states; Washington, D.C.; Puerto Rico; and the U.S. Virgin Islands.
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