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Posted: Thursday, Jan 17,2019 | Time: 04:33 am | Edited by: The Lottery Lab Staff
After being a winner for Powerball Jackpot, you have 2 payout options to select from.
Opting for the annuity payout, your jackpot amount will be paid over 29 years, with 5% more each year, than the year before. If a winner passes away, the heirs will continue to receive the annuity payments. For the annuity option, you need to pay the taxes according to your winnings per year.
Opting this payout option means that you will receive the entire jackpot at once. Bagging the entire amount also means that you are responsible for taxes on the whole amount at once.
The claiming of your winning ticket should be done in the same jurisdiction from where it was purchased. The prize amounts should be claimed within a period ranging from 90 days to a year, depending on where the ticket was bought. The rules and regulations of the Powerball Lottery state that winnings from tickets purchased outside of one’s home state will be subjected to the income tax laws of both the states. Prizes up to $599 can be redeemed at any aurhorised lottery retail store. Whereas prizes above $599 can be claimed at the office of Powerball by filling out the claim form.