Powerball jackpot soars to $550 million. Here’s how much the winner would owe in taxe

The next Powerball prize is $411.4 million, and the majority of winners choose to choose the cash option.

The winner would owe the IRS and usually state treasuries much more than just a federal 24% tax withholding.

There is a 1 in 292 million chance of winning the Powerball jackpot with only one ticket. 

 It's 1 in 302 million for Mega Millions.The Powerball prize has increased once more.

Since no ticket was able to match all six numbers chosen on Saturday night, the top prize for Wednesday night's drawing has increased to $550 million. 

 In contrast, the Mega Millions jackpot is expected to be much bigger, at $600 million for the Tuesday night drawing.

Naturally, the prizes that are offered are not what the winners actually receive. It is mandatory for lottery administrators to deduct 24% 

someone won a $1.05 billion jackpot, making it the longest running jackpot run ever. When someone won the record $2.04 billion jackpot after 41 drawings, the Powerball reward set a record for the most lottery draws ever.

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