Winners more often opt for the lump sum, which for Tuesday’s jackpot was $997.6m.Īll winnings will be subject to federal taxes, reducing the payout by more than one-third, and many states also tax lottery winnings in addition. Tuesday’s jackpot winner can choose to receive the full prize, paid through an annuity over 29 years, or a lump sum of cash paid immediately.
None came close to Tuesday’s prize, which started at $20m on 6 August – and has now returned to $20m for the next drawing on Wednesday.
Only four previous Powerball jackpots had topped $1bn. Joe’s Service Center in Altadena, California, about five miles (8km) north of Pasadena, sold the winning ticket, officials added.įor selling the winning ticket, business owner Joe Chahayed will receive a bonus prize from Powerball of $1m. Officials did not identify the newly minted billionaire winner of the prize, which was nearly $400m larger than the previous record jackpot.
