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Powerball reaches $748M. Financial advisors say winners should do this
USA Today • • business
Key Points:
- The Powerball jackpot for the August 3 drawing stands at $748 million, one of the largest prizes in the game's history, with odds of winning at 1 in 292.2 million.
- Financial experts advise winners to keep their win confidential, secure the ticket safely, and seek professional help from tax attorneys, accountants, and financial advisors before claiming the prize.
- Winners must decide between a lump-sum payment of $325.1 million or an annuity paid over 30 years, considering factors like age, goals, and tax implications.
- Lottery winnings are subject to federal and state taxes, which vary based on residency and where the ticket was purchased, making professional tax advice crucial to navigate complex multi-state tax issues.
- Players can buy a $2 ticket and select five white balls (1-69) and one red Powerball (1-26), with an optional Power Play multiplier; drawings occur Monday, Wednesday, and Saturday nights.
