The annuity payout calculator below shows a breakdown of the gross annuity value for the current jackpot, and the applicable federal and state tax for each year. The payouts are graduated so they increase 5 percent year-on-year. It was the first Powerball jackpot won since July 19 (see the No. Choosing the lump sum, also known as the cash option, reduces the jackpot size to approximately 61 of the original amount, but awards it. If you opt for the annuity payout you will receive the jackpot amount as a series of 30 annual payments over 29 years. A single Powerball ticket sold in California won the second-largest U.S. As you might already know, when a player wins the Powerball jackpot, they have to choose between a single lump sum or 30 annual payments to receive their prize.
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