The winner cab take the billion in 30 annual installments over 29 years, or as an up-front, $558.1 million lump sum. But taxes take a lot either way.
Powerball reports that a single lottery ticket purchased in California has won the $1.08 billion Powerball jackpot by matching all the numbers: 7, 10, 11, 13, 24 and red Powerball 24. The lucky winner has a choice between a lump sum payment of $558.1 million or a stream of annuity payments for the next 29 years. The annuity option is the only way to reach the billion dollar figure. Of course, all these figures are before taxes.
This Powerball jackpot is the third-largest in history. There was a $2 billion jackpot won in 2022, and a more than $1.5 billion jackpot in 2016. You don’t have to take a lump sum, although lump sums are clearly the most popular so you can do what you want with your winnings. The other choice is to take the $1.08 million in 30 annual installments over 29 years. That’s the only way to get the whole loot.
