Nobody matched all the numbers in last night’s (10/9) Powerball drawing. That means the Wednesday night drawing (10/11) is now worth $1,725,000,000!
Last night’s winning numbers were 16, 34, 46, 55, 67 and the Powerball was 14. The Power Play multiplier was x3.
If you were to be the sole winner of the jackpot for Wednesday night and decided to take the lump sum payout, how much would you net?
The initial payout would be $756,600,000. There is a 24% federal tax that would take $181,584,000 and additional federal taxes due (37% final rate) that would take another $98,320,955. That leaves $476,695,045 for you.
But wait, there is also state taxes to consider. Here in Illinois that is 4.95% taking another $37,451,700. Leaving an Illinois winner with a net payout of $439,243,345, a far cry from the $1.725 billion jackpot. You can find out how much other state taxes would be at usamega.com.
Don’t get me wrong, I could live out my life quite happily on $400 million plus. I’m just saying, if you win the Powerball and take the lump sum, don’t go filling out an application to the Billionaires Club.
By: Buck Stevens
