Powerball Jackpot Rises To $1.55 Billion—Here’s What The Winner Will Take Home After Taxe

SUMMARY No ticket matched all six numbers drawn on Saturday night, pushing the Powerball jackpot to $1.55 billion, 

 the third largest in American history. The winner will take home a significantly lower sum after paying their taxes, 

 though.If someone wins in the subsequent drawing, they will have the option of receiving a lump sum payment of $679.8 million, 

which is typically more preferred, or a $1.55 billion payoff divided into 30 yearly installments.

After a necessary 24% federal tax withholding, the lump sum distribution will decrease to $516.6 million.

The winner may be subject to a federal marginal rate of up to 37%, which would further reduce the sum to $428.3 million,

 depending on their taxable income for the year.The winner will get yearly payments of approximately $51.67 million under the installment plan; but, if the 37% federal marginal rate is applied,

 this amount could only amount to $32.6 million.The winner may be subject to additional taxes depending on where they live.

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