One lucky Powerball lottery player is very, very rich today. One ticket matched all six numbers drawn on June 10, making one lucky ticket holder in California $447 million richer. That's before taxes, of course.
According to CBS News, the winning Powerball numbers drawn on June 10 were 20-26-32-38-58 and the Powerball number was 3. Lottery players who were watching the drawing may have spotted an initial on-screen glitch that showed the number 28 instead of 58. The image of the winning numbers was quickly corrected, but imagine if the number 28 made you the winner instead?
Ouch.
Winning ticket sold south of Los Angeles
According to the California Lottery, the winning Powerball ticket was sold at the Marietta Liquor & Deli in southern Riverside County, about 80 miles south of Los Angeles. We won't know who won the $47 million jackpot today — the lottery offices don't open until 8 a..m. on Monday morning. And the big winner may not step forward right away. Many ackpot winners wait until they consult an attorney and/or a financial advisor before they step forward to claim their windfall. In California, Powerball winners have one year to claim their prize.
How much cash will the winner get?
Powerball offers an annuity option or lump sum payment. The annuity would the payments out over 29 years, with the first payment made shortly after the winner cashed in the ticket.
If the ticket holder prefers to get all the cash at once, they will not get the entire $447 million. According to the official Powerball site, the lump sum payment is based on the cash value of the jackpot. In this case, the payment would be for $279.1 million. Not a bad return on a $2 investment.
Unfortunately, both the annuity and cash payment are subject to a federal tax of approximately 25 percent.
Most states also tax lottery winnings. However, if you live in one of the following states, you won't be taxed — Florida, New Hampshire, Tennessee, Texas, South Dakota, Washington and Wyoming. Additionally, Pennsylvania and California don't tax lottery winnings if you purchase the ticket in the state.
When is the next drawing?
Even if you didn't win the $447 million jackpot on Saturday night, there's another drawing coming up. However, the Powerball jackpot is a whole lot less — it's back down to the minimum $40 million for the Wednesday, June 14 drawing. After federal taxes, the cash value ($24.9 million) would be approximately $18,675,000. That's still enough to money to pay off your bills and live comfortably!
