The Powerball jackpot has hit a staggering $1 billion, marking the fifth time in history that the jackpot has reached this impressive milestone. The jackpot has been elusive for 38 consecutive drawings since the beginning of the year, creating a frenzy among hopeful players.
For the lucky winner, the choice between receiving a lump sum payment of $438.8 million or annual payments for 30 years will need to be made. However, for New Yorkers, winning big comes with hefty taxes. Federal, state, city, and potentially even Yonkers taxes can significantly reduce the winnings.
If a New Yorker is fortunate enough to win Monday night’s jackpot and opts for the lump sum payment, they will walk away with approximately $295 million after taxes. This potential windfall brings to mind the story of a New York handyman who won a massive $476 million Mega Millions jackpot last April.
Powerball tickets are available for purchase in 45 states, Washington D.C., Puerto Rico, and the US Virgin Islands. The odds of winning any Powerball prize stand at 1 in 24.9, while the chances of hitting the jackpot are a daunting 1 in 292.2 million.
The highly anticipated drawing for the $1 billion Powerball jackpot is scheduled for 10:59 p.m. EST on Monday night. With so much at stake, players across the country are eagerly awaiting the announcement of the winning numbers in hopes of securing the life-changing prize. Stay tuned for updates on this exciting jackpot as the anticipation continues to build.
