Someone hit the big Jackpot last night. The Powerball jackpot climbed to $699.8 million, making it the seventh largest in U.S. lottery history.
- That lucky person bought their ticket in Morro Bay, CA. matching all 6 numbers.
- The top prize had been growing since early June when a ticket sold in Florida won $286 million.
- Winners choose between taking their prize as either a lump sum or an annuity paid over 30 years
- For this $699.8 million Powerball prize, the cash option — which most people go with — is $496 million.
- A 24% federal tax withholding of about $119 million will get shaved off the top.
- That would leave a hefty $377 million, although the IRS will likely be owed more at tax time due to the top marginal income tax rate of 37%.
Math is fun.
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