Powerball jackpot reaches $810 million for New Year’s Day draw
The Powerball Jackpot Soars to $810 Million
The Powerball jackpot has reached an impressive $810 million after no winner was announced in the Saturday night drawing. This exciting news has pushed the award amount even higher, making it a highly anticipated event leading up to the Jan. 1 jackpot.
The estimated cash value for this drawing is approximately $408.9 million, a significant increase from the previous prize of $383 million.
Test Your Luck and Win Big!
Just like previous Powerball jackpots, the drawing for this incredible amount will take place at 10:59 p.m. Eastern time tonight. If you’re feeling lucky, you can purchase tickets at select grocery stores, gas stations, and convenience stores in all 45 participating U.S. states, as well as Washington, D.C.
When it comes to collecting your earnings, you have two options. You can either choose a one-time lump sum payment or an annuity plan, where the prize is paid out over a longer period.
The lump sum payment, favored by most winners, is subject to a mandatory IRS withholding of 24%. Additionally, winners must pay taxes on the prize, the amount of which depends on their state of residence.
Alternatively, you can select the “annuity” option, which pays out the prize amount in 30 payments over 29 years, increasing by 5% each year.
If you’re curious to learn more about this exciting news, click here to read more from The Washington Examiner.
This Saturday night’s jackpot would have been the fourth contest in 2023 to surpass $500 million. The largest winning drawing of last year occurred on Oct. 11 in California, with a staggering prize of $1.765 billion. However, the largest-ever Powerball prize was won in November 2022, reaching an astonishing $2.04 billion.
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