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After Taxes

Thursday, November 29, 2012

Didn't Win Big in Powerball? Don't Throw Out That Ticket

Do you know all the ways to win in Powerball?

If you didn't win the $579 million jackpot Wednesday night in the Powerball drawing, then be sure to check your tickets carefully. You could still have won something. It may not be millions and millions, but it may be as little as $4. The Powerball website lists the prizes along with nine ways to win. Here's the breakdown and what you could win: If you win the jackpot, you can choose 30 annual payments over 29 years, or a lump sum payment. If the winner chooses the annuity, the annual payment will be increased each year by the percentage set out in the Powerball game rules. So, a winner in Wednesday's jackpot would get a gross payment $19.3 million each year. Then, take out 25 percent in federal taxes totaling $4,832,500.  Pennsylvania has…

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