{"id":1977118,"date":"2023-07-19T09:15:02","date_gmt":"2023-07-19T13:15:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/powerball-lottery-payout-should-you-take-monthly-payments-or-cash-out\/"},"modified":"2023-07-19T09:17:38","modified_gmt":"2023-07-19T13:17:38","slug":"powerball-lottery-payout-should-you-take-monthly-payments-or-cash-out","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/powerball-lottery-payout-should-you-take-monthly-payments-or-cash-out\/","title":{"rendered":"Powerball lottery: Monthly payments or cash?"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">12<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fpowerball-lottery-payout-should-you-take-monthly-payments-or-cash-out%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1977118&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The \u2062Powerball\u2063 Jackpot Soars\u200b to $1 Billion<\/h2>\n<p>The Powerball jackpot has skyrocketed\u200d to an\u2062 incredible $1 billion after Monday&#8217;s \u2062drawing failed to produce a winner. This makes it one \u2063of \u200bthe\u2063 top\u200d 10 biggest \u2063jackpots in Powerball history.<\/p>\n<h3>What You Need to \u2064Know About \u200dPayouts<\/h3>\n<p>The next drawing\u2063 will\u2064 take place\u2064 on Wednesday \u2063night, \u200dand if\u2063 you&#8217;re lucky \u200benough to draw the\u2063 winning numbers, here&#8217;s what you need to know\u2063 about the payouts.<\/p>\n<blockquote>\n<h3>Lump \u2062Sum Option<\/h3>\n<p>If you \u2064choose the\u200c lump \u200bsum option,\u200d you&#8217;ll receive\u200b a \u2064one-time payment of the entire jackpot amount. \u2062However, keep in\u200b mind\u200d that the IRS will\u200c take\u200c a\u200c significant\u200b cut,\u2062 with a\u2064 mandatory \u206424% withholding\u200d for \u200cfunds over\u200d $5,000. The amount\u2064 of state \u200btaxes \u2062deducted will depend \u200bon your place of residence.<\/p>\n<p>Currently, with \u200cthe Powerball jackpot at $1 billion, winners who\u2063 opt for \u200cthe \u2063lump sum \u2063cash \u2062option will take home $516.8 million.<\/p>\n<p> \u2064 <\/p>\n<p>It&#8217;s \u200bimportant to note \u200cthat \u2062choosing the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/powerball-lottery-payout-should-you-take-monthly-payments-or-cash-out\/\" title=\"Powerball lottery: Monthly payments or cash?\">lump sum\u2062 option means<\/a>\u2063 you&#8217;ll receive less cash overall. This is because payments increase \u2063over time, and\u2064 a sudden influx of money could\u200b push \u2063you into a\u200b higher\u200b tax bracket.<\/p>\n<\/blockquote>\n<blockquote>\n<h3>Annuity Option<\/h3>\n<p>\u2063  <\/p>\n<p>If you\u200c prefer the\u2064 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/powerball-jackpot-tops-1-6-billion-the-largest-ever\/\" title=\"Powerball Jackpot Tops .6 Billion, the Largest Ever\">annuity option<\/a>, you&#8217;ll\u200d receive a one-time payout followed by \u200ba series of distributed payouts over \u200da \u200c30-year period. Taxes will be paid as you receive\u200d the\u200d payments, \u200band the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/5-reasons-making-taxpayers-pay-off-student-loans-is-a-rotten-idea\/\" title=\"5 Reasons Making Taxpayers Pay Off Student Loans Is A Rotten Idea\">tax rates<\/a> can fluctuate over \u2062the years.<\/p>\n<p>\u200b<br \/>\n \u200d \u200d<\/p>\n<p>While the tax rates on annuity \u200bpayments may vary, they won&#8217;t be \u2063as\u200b substantial \u200cas \u2063the lump\u2064 sum option, where\u200c almost \u2063half \u200dof \u200dyour winnings\u2064 can be lost\u2064 before reaching your\u2062 bank\u2062 account.<\/p>\n<\/blockquote>\n<p>Remember, Powerball \u2063ticket sales close at 10 p.m.\u2064 EST on the day of\u2064 the\u200d drawings, which\u200c are held on \u2064Monday, \u200bWednesday, and Saturday.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Powerball jackpot soared to $1 billion as Monday&#8217;s draw yielded no winner. This places it among the top 10 largest jackpots in Powerball&#8217;s history. The next draw is scheduled for Wednesday night, and it&#8217;s crucial to understand the payout details for potential winners.<\/p>\n","protected":false},"author":1,"featured_media":1977119,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-1977118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1977118","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1977118"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1977118\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1977119"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1977118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1977118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1977118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}