The highest Powerball payout ever was a whopping $1. 586 billion, which was awarded in January 2016. The three winning tickets were sold in California, Florida and Tennessee. The jackpot was the highest jackpot ever for any lottery game in United States history.
The winning numbers for the drawing were 4-8-19-27-34 and the Powerball was 10. Each of the three winning ticket holders selected the Power Play option, which increased their winnings by 2, 3, 4, 5 and 10 times, depending on the multiplier.
The California ticket holder elected to receive their winnings in a one-time cash payment, which amounted to $528. 8 million. The Florida winner elected to receive annual payments over 29 years, and the Tennessee winner elected to take their winnings in one lump-sum payment of $327.
8 million. All told, the entire jackpot totaled $1. 586 billion.
Who won Powerball $2 billion?
The Powerball drawing on January 13, 2016 marked the largest lottery jackpot ever, with three different winning tickets sharing the jackpot worth $1. 586 billion. The winning tickets were sold in California, Florida and Tennessee.
Each ticket holder was awarded an estimated $528 million before taxes. A Florida family group, comprised of Maureen Smith, David Kaltschmidt and Marvin and Profaida Acosta, came forward on January 15 to claim their winning ticket, purchased at a Publix Supermarket in Melbourne Beach, Florida.
The Smiths chose to take a lump-sum payment of $327. 8 million. On March 18th, couple John and Lisa Robinson of Munford, Tennessee, claimed their portion. They took the cash option of $327. 8 million.
The final winner, a California resident, chose to remain anonymous and received $528. 8 million.
Has anyone claimed the $2 billion dollar lottery?
Yes, the winners of the world-record-breaking $2 billion dollar lottery have been identified and have claimed their winnings. Earlier this month, on January 22nd, 2020, 23-year-old Manuel Franco—resident of Wisconsin, USA—was revealed as the winner of the Mega Millions lottery, becoming the third largest lottery winner in U.
S. history, and the largest single-ticket winner in U. S. lottery history.
Prior to claiming the prize, Mr. Franco revealed that he had been selecting his lucky numbers for the past 10 years. These were the numbers his father told him to use when he was younger, and Franco always obliged—though he didn’t always buy tickets.
The lucky ticket was purchased from a Speedway located in West Allis, Wisconsin, near where he grew up, and Franco said he only purchased the ticket because his car was empty and he had to fuel up.
Franco opted to take the full cash value of the $776 million prize (before taxes) and will receive an after-tax lump sum of approximately $477 million. After claiming his winnings, Franco and his lawyer set up a charitable trust in order to give back to his community.
He also plans on using some of the money to help his parents and his grandparents—who Franco credits with teaching him core values like hard work and resilience.
Who is the richest lottery winner?
The richest lottery winner ever is a man from the United States named Mavis Wanczyk. Mavis won a staggering $758. 7 million Powerball lottery in 2017, making her the winner of the largest single lottery prize ever awarded to a single winner.
Prior to Mavis, the previous record for the largest lottery prize was held by a group of 2003 winners from Illinois who took home a combined $656 million.
Originally from Chicopee, Massachusetts, Mavis opted to take the lump-sum payment instead of the annuity payout. Due to the hefty $443 million tax deduction she received due to the payout format, she walked away with a cool $336 million.
She reportedly quit her job at the hospital where she worked and is still living a life of luxury to this day.
Who won the 7 million Powerball?
The winning numbers for the 7 million dollar Powerball drawing on Saturday, March 6, 2021 were 5, 6, 8, 28 and 34, with Powerball number 21. There were no winners in that particular drawing, so the prize money rolled over and increased to 9 million dollars for the next drawing on Wednesday, March 10, 2021.
The winning jackpot numbers for the March 10 drawing were 11, 15, 19, 54 and 63, with a Powerball of 6. The sole winner of the 9 million dollar prize was a resident of Washington, DC.
Who was the winner of 2 billion?
The winner of the $2 billion Mega Millions jackpot drawn on January 22, 2021 was Shane Missler from Florida. The 20-year-old purchased 5 tickets for the drawing at a 7-Eleven convenience store in Port Richey, Florida.
A single ticket matched the winning numbers of 28-30-39-59-70 and Mega Ball 10, making Missler the sole winner of the amazing prize. Missler chose to take the one-time cash payment of over $904 million instead of the annuitized prize.
After taxes, he is reported to have taken home around $281 million.
Missler said that he planned to use the winnings to “take care of his family, have some fun along the way, and cement a path for financial success. ” The generous young man also made a donation to his church and donated to various charities.
Since his win, Missler has become something of a minor celebrity, with people from all over reaching out to him and looking to him for guidance. He has also started a foundation called Secret Golden, which will focus on both mental and physical health initiatives.
How much taxes does a 2 billion winner pay?
The amount of taxes a 2 billion winner will have to pay will depend on a variety of factors, such as the location of the lottery winner, the source of their winnings, and the rules and regulations of their local and state tax laws.
In the United States, for example, federal taxes must be paid on all winnings in excess of 600 dollars. If a person won 2 billion dollars in the United States, they would likely be responsible for a federal income tax rate of 37% on all earnings above 500 thousand dollars.
Assuming no other deductions were made, they would owe a total of 740 million dollars in federal taxes on the winnings.
On top of this, the state the winner resides in will also likely impose a state income tax on the amount of earnings. This tax rate can vary significantly, ranging anywhere between 0% and 13. 3%. For example, if the winner resided in California, they would be responsible for an additional 13.
3% on their earnings, meaning they would owe an additional 265 million dollars in state income tax on the winnings.
Therefore, in the United States, a 2 billion dollar lottery winner could be liable for a combined total of over 1 billion dollars in federal and state income taxes. Additionally, depending on the country where the lottery winner purchased their ticket, they may also have to pay other taxes or levies on their winnings.
Overall, the amount of taxes a 2 billion winner must pay will vary depending on where they live and will likely be over 1 billion dollars, when combined with local and federal taxes.
How much will Powerball winner get after taxes?
The amount a Powerball winner gets after taxes depends on several factors, including their state of residence, the total amount they win, and any applicable withholding amount. Generally, Powerball winnings are subject to both federal and state taxes.
At the federal level, Powerball winnings above $600 are subject to a 25% withholding tax, whereas winnings below $600 are not subject to withholding. At the state level, each state is different but many states subject Powerball winnings to state taxes.
In California, for example, the state imposes 13. 3% personal income tax on winnings over $1 million and up to $1,080,000 is exempt from taxation. Therefore, the exact amount a Powerball winner will get after taxes depends on these various factors.
How much would you take home from Powerball after taxes?
The exact amount of take-home money from Powerball after taxes depends on several factors, including the amount of the win, the jurisdiction that the ticket was bought in and the winning ticket holder’s personal tax situation.
Each jurisdiction has its own tax rules, and personal tax situations can also impact the amount of taxes paid on winnings. Generally, most states will withhold income taxes at either the state or federal level at the time of the win and federal taxes (25%) will also be taken out before payment is made.
After the taxes have been withheld, the amount a Powerball winner takes home largely depends on the amount won and the jurisdiction it was won in. The exact rate of taxation for lottery winnings can vary from state to state, so winners should consult with a tax professional for more information about their specific situation.
What percentage of lottery winnings does the IRS take?
The amount of money the IRS takes from lottery winnings varies depending on the individual’s tax situation, as well as the state in which the lottery ticket was purchased. Generally, when it comes to federal taxes, lottery winnings of $5,000 or less are not subject to taxation.
Anything over $5,000 is subject to at a rate of 24% for federal taxes and up to an additional 8% for state taxes, depending on the state. In some states, the rate can reach as high as 13%. Additionally, lottery winnings are considered taxable income, so other deductions and credits may be applicable.
It is important to consult a tax expert or accountant to ensure all appropriate withholdings are made before claiming the winnings and paying any applicable taxes.
How long does it take to get your money if you win the Powerball?
The amount of time it takes to receive your money if you win the Powerball depends on a variety of factors, including the state in which the ticket was purchased and the size of the jackpot. Generally, if you win the Powerball jackpot, you will receive your money within 30-90 days after your ticket is validated and the prize is claimed.
The prize must be claimed in person at the lottery office in the state in which the ticket was purchased. It is important to note that some states may have additional requirements or procedures for claiming your winnings if the jackpot amount is significant, and these can add additional time before you receive your money.
How do I avoid taxes on lottery winnings?
The best way to avoid taxes on lottery winnings is to structure any award or lump sum payments from the lottery so that they are not treated as income by the IRS. This could involve taking the lump sum lump payments as annuity payments spread out over a period of several years or setting up a trust to receive the proceeds.
In either case, the taxes due will be minimized or paid much farther in the future. It is also important to check with state and local tax entities to determine what taxes, if any, are due on lottery winnings.
Lastly, be sure to work with a qualified tax professional familiar with the relevant laws and codes to properly structure any income received from lottery winnings.
Are federal taxes automatically taken out of lottery winnings?
No, federal taxes are not automatically taken out of lottery winnings when you receive them. However, you will be required to report the lottery winnings on your federal tax return, and the amount you owe in taxes will depend on the amount you won and your individual tax rate.
You will also be responsible for any applicable state, local, and federal taxes on your winnings. Depending on the size of your winnings, you may also be subject to other taxes such as the federal alternative minimum tax.
The best thing to do is to consult with a tax professional to ensure that you are meeting your federal tax obligations.
How much tax does the US government take on lottery winnings?
The amount of tax that the US government takes from lottery winnings depends on the amount won and the state of residence of the winner. Generally, lottery winnings are subject to both federal and state income taxes, with some states taxing lottery winnings more heavily than others.
At the federal level, all lottery winnings are taxed as ordinary income. This means that winnings are subject to the same federal income tax rates that apply to other forms of income like wages, salaries, and investment earnings.
Depending on your tax bracket and the amount of your lottery winnings, taxes can range from 10 percent up to 37 percent. Additionally, the US government requires all winners to pay an additional 24 percent in federal withholding tax.
The amount of tax that a state charges on lottery winnings depends on the state’s policy. For example, some states do not tax lottery winnings while others impose taxes at higher rates than the federal government.
In general, states tax lottery winnings in the same way that income is taxed, taking into consideration the overall tax rate charged by the state, the winner’s filing status, and the amount won.
Because tax laws can vary significantly from one state to the next, it is important for lottery winners to talk to a tax specialist about their specific situation. They can help you understand the tax implications of your winnings and ensure that you comply with all applicable laws and regulations.