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Saturday’s Powerball drawings resulted in a $2 million winner, but not a Jackpot worth $237 million. These winners were from Colorado, Florida, and Wisconsin respectively and won $1 million each. But the winnings were multiplied, as they played with the Power Play option which resulted in $2 million each.
The winning numbers for the night were 01-11-21-25-54, Powerball 7, with a Power Play 2X. As there is no grand prize winner, the Jackpot rolls up to $258 million for tomorrow’s drawing with an estimated cash option of $175.5 million. The odds of hitting the jackpot are 1 in 292,201,338, irrespective of the jackpot size, according to Powerball’s website. This enormous prize amount comes with a sizeable tax bill. The jackpot amount - which is $237 million with a cash option of $160.7 million on which the federal tax of 24% will be levied will reduce the amount by $38.6 million, will leave you with $122.1 million. Another 13% or $20.9 million will be due to the IRS at tax time. These tax deductions will leave you with $101.2 million. Above all these lays the local and state taxes. It ranges from zero to 8% depending on where the ticket was purchased from and where the winner lives. In simpler terms, you will have to pay more than 45% in taxes.
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