Are you the Powerball jackpot winner? It’s time to check your tickets.
The winning numbers for Wednesday night’s draw were 22, 11, 60, 2, 35 and the Powerball is 23. The Power Play was 2X.
Wednesday’s Powerball jackpot soared to around $1.2 billion after none of the tickets sold matched the six winning numbers drawn on Monday. The award is the fourth largest in US history. If no one wins Wednesday night, the jackpot could become the biggest ever, surpassing a $1.586 billion Powerball prize won by three ticket holders in 2016.
While winners can receive their winnings via a 29-year annual payment plan, most grand jackpot winners opt to take home the cash prize – which, for Wednesday night’s draw, will be an estimated $596 million.
The biggest prize was a $1.586 billion Powerball jackpot won by three ticket holders in 2016.
No one has won with all six numbers since August 2022 and there have been 38 consecutive draws since then. The odds of winning the jackpot are 1 in 292.2 million, according to Powerball.
Powerball is played in 45 states, as well as Washington, DC, Puerto Rico, and the US Virgin Islands.
How much does Powerball cost?
Grand Prize winners can opt for a cash lump sum or can opt for an annuity.
The cash payout is valued at $596.7 million, according to Powerball’s live calculator. However, if the winner opts for annual payments, the $1.2 billion jackpot is paid out in 30 installment payments over the next 29 years. Payments have an annual increase of 5%.
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What should you do if you win the Powerball jackpot?
Steve Azoury, owner of Azoury Financial in Troy, Michigan, advised lottery winners to work immediately with a tax attorney, tax accountant and financial adviser to come up with a plan — which includes which payout to choose.
The plan should also include a “fall guy”, Azoury said. “It’s the person or the adviser stopping you from lending to anyone, telling people that all the money is tied up in investments, not available. We don’t have anything available to help you and we are not interested in your project.”
The decision to choose the payout depends on your goals, age, and lottery rules for recipients to continue receiving payouts, or whether you’re likely to abuse a lump sum.
Mark Steber, tax director at Jackson Hewitt, also recommends considering the size of the lottery winnings and your current and future earnings.
How are Powerball players scammed?
Powerball warned players of possible scams.
Lotteries will never contact you via email, phone call or social media to let you know you’ve won a prize unless you specifically entered an official lottery promotion or contest, according to Powerball.
Also remember that lotteries never require you to pay a fee to collect a prize.
“If you are asked to pay a fee to claim a prize, you are likely being scammed and should not share any personal or banking information with these entities,” Powerball said.
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What is the impact of inflation on the price?
With rising interest rates – used by the Fed to reduce inflation – the Powerball lump sum payout has shrunk, according to Michigan Lottery officials.
For example, the lump sum payout went from around 59% of the jackpot on August 3, the last time there was a winner, to around 48% of the most recent jackpot.
Contributor: Medora Lee, USA TODAY; Chris Sims and Evan Frank, Indianapolis Star; Frank Witsil, Detroit Free Press