No tickets matched Wednesday night’s Powerball winning numbers, and so the jackpot rolled over into Monday’s drawing at $1.23 billion. To learn more, check out ggdewa777
When you win the jackpot, you have two payment options when collecting your prize: either 30 annual graduated payments over 30 years or an upfront payment (present value*). It’s up to you!
When contemplating purchasing a ticket to the Powerball lottery, you must understand your chances of success are slim. According to Harvard University statistician Mark Glickman’s calculations, one out of every 292.2 million chances exist of winning a $1 billion jackpot, which may be better odds than getting struck by lightning or being attacked by bears in Yellowstone National Park.
The Powerball lottery is played across 45 states, Washington D.C., and Puerto Rico. This lottery offers two payout options – annuity or cash – wherein an annuity payout provides an initial lump sum with subsequent 29 annual payments and immediate payment from cash payment option – both options resulting in tax implications.
Before purchasing lottery tickets in any state, it’s advisable to conduct extensive research on its lottery rules. Some require winners to be publicly identified while others allow anonymity; additionally, each state has different regulations when it comes to claiming prizes – some even having special laws which pertain to multimillion-dollar jackpots!
Cheng Saephan, a 46-year-old immigrant from Laos and currently fighting cancer for eight years, won Oregon’s $1.3 billion Powerball jackpot earlier this month and announced it in a news conference. He plans to divide it amongst himself, his wife Duanpen, and Milwaukie resident Laiza Chao (55).
He decided to opt for the lump sum payment, which will yield approximately $422 million after taxes, and plans to donate some of it to charities and causes. He and his wife bought 10 tickets at a Speedway in New Berlin, Wisconsin, before screaming for five to ten minutes when they discovered they won.
Powerball winning numbers consist of six main numbers plus the Powerball. If you manage to match all six, the jackpot prize of around $292.2 million awaits. There are two payout options for Powerball: an annuity that increases by 5% annually or a one-time lump sum payment for about $29.2 million with odds of 292,201,338-to-1!
Oregon Lottery officials announced the winner of the April 6 Powerball jackpot on Monday, with Cheng Saephan, 46, his wife Duanpen, and friend Liza Chao from Milwaukie sharing in its total prize pool of more than $422 Million after tax withholdings are taken out. Their winning ticket was sold at the Plaid Pantry convenience store in northeast Portland; Plaid Pantry will receive a $100,000 bonus for selling it. It marks Oregon’s largest ever individual Powerball jackpot win; Saephan hails from Laos but worked in construction while fighting cancer – raising awareness of Iu Mien people from Southeast Asian origin who settled here after fleeing war-ravished Laos after fleeing war-ravished Laos as they sought shelter here after fleeing war-ravened Laos after fleeing war-ravished Laos after fleeing war-ravished Laos before seeking asylum here in US as its residents.
There have been other Powerball jackpot winners over time, though their prizes typically don’t reach such heights. Some states are home to more jackpot winners than others and this table outlines who the latest ones are and what each state’s winners used their prize money for in past winnings as well as the highest jackpots won in each state.
When winning the Powerball jackpot, you have two payment options for receiving your winnings: cash or annuity. By choosing the cash option you will receive all your prizes immediately; however, taxes must still be paid on it. Opting for an annuity option instead will reduce tax liabilities by spreading out payments over a longer timeframe.
If you select the annuity option, your winnings will be invested over 20 to 30 years and distributed in equal annual payments, each one slightly larger than before. But keep in mind that inflation will reduce these annual payments over time so that by the time of the final payout, there may be less spending money left for spending purposes.
On Monday, Oregon Lottery revealed who won this month’s $1.3 billion Powerball jackpot: Cheng Saephan, 46; his wife Duanpen Saephan, 37; and Liza Chao, 55 will equally split their winnings from purchasing their winning ticket at Midway Market and Liquor in Frazier Park, California.
Early February saw three lucky ticket holders come forward to claim their prizes at the Speedway at Beloit Road in New Berlin, Wisconsin. One Wisconsin resident admitted screamed for five to ten minutes upon discovering his win of $477 Million; taking a lump-sum payout and helping his family. In addition, he plans on making charitable donations; shortly purchasing both a car and vacation home with this money wisely spent.
An annuity option allows lottery winners to receive their jackpot prize over multiple payments instead of all at once. Not all lotteries offer this feature; for instance, in Iowa, only Powerball, Mega Millions, Lotto America, and Lucky for Life offer this payment method. When selecting this payment option within 60 days of claiming their prize they must either take either the lump sum payment option or opt for annuity payments instead.
Decisions on how to invest winnings should be based on personal considerations such as your winnings, financial situation and spending habits. Most financial advisers suggest selecting annuities over lump sum investments as they offer greater returns over time.
An annuity option comes with certain risks, including taxes. Some advisors suggest that winners seek advice from tax specialists before making their choice; other advisors warn that any adviser who earns a percentage from investing the jackpot money has an economic stake in how it’s distributed and should disclose any potential conflicts of interest that might exist.
An annuity payout works similarly to a savings bond in that you will receive annual payments that fall short of its full value over time. This occurs as the lottery invests the proceeds from ticket sales for each drawing and makes payments over time – although they’ll eventually add up to match up to an advertised annuity jackpot prize amount.
Cheng Saephan of Oregon won this month’s $1.3 billion Powerball jackpot prize and chose to receive his share as a lump sum after tax withholdings; his share will then be split among his wife Duanpen and friend Laiza Chao.
No one wants to win a jackpot without being known, so it is vital to understand your state’s regulations regarding winning anonymously. Some require public announcement of winners while others allow them to keep their identities private for a set amount of time. It should also be remembered that winnings may be subject to federal and state taxes depending on your jurisdiction of residence.
Powerball offers no such option, and winners must complete and sign a claim form to reach out to their local lottery office and contact them to claim their prize within an established timeline (ranging from 90 days up to one year).
An individual winning the lottery may choose to conceal their identity by setting up a trust, although this process is often time-consuming and complex. Consultation with legal and financial advisers before making any definitive decisions is also advisable.
Some states, such as New York, South Dakota, Vermont, and California, have laws that mandate lottery winners reveal their names if requested by someone with a valid reason to request it. Other states like Colorado, Florida, and Washington offer protection of privacy by permitting winners to remain anonymous for 90 days following winning a jackpot prize.
Lottery winners traditionally remained anonymous out of fear that unwanted attention or unscrupulous attempts at taking their fortune would come calling. Yet in today’s era of data breaches and Facebook privacy settings, protecting their right to privacy seems more valuable than ever.
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