Wednesday\u2019s jackpot is the sixth biggest lottery prize of the year so far.<\/b>
\nTopline
A ticket buyer from Georgia won the $478 million Powerball jackpot on Wednesday\u2014the sixth biggest lottery prize of the year so far\u2014although they will take home a much smaller amount after paying their taxes.Key Facts<\/p>\n

Powerball announced that a single ticket sold in Georgia matched all six numbers drawn on Wednesday night\u20142, 15, 27, 29, 39, and the red Powerball 20. <\/p>\n

The winner now has to choose between receiving the full $478 million spread across 30 annual installments or a lump sum cash prize of $230.6 million\u2014usually the popular pick among winners. <\/p>\n

The cash prize will drop to $175.26 million after a mandatory federal tax withholding of 24% is deducted. <\/p>\n

Depending on their taxable income, the winner could face a federal marginal rate as high as 37%, which would further slash their winnings to $145.28 million. <\/p>\n

The state of Georgia also levies a 5.75% tax on lottery winnings, which in this case would drop the winnings to around $132 million. <\/p>\n

If the winner chooses the installment route, their annual payments of $15.93 million would drop to around $10 million if the 37% federal marginal rate is applied. Big Number
1-in-292.2 million. Those are the astronomical odds Wednesday night’s winner had to overcome to win the Powerball jackpot. The odds for the Mega Millions jackpot are even worse, at 1-in-302.6 million.<\/p>\n