The winning Powerball ticket for the August 23, 2020 drawing was sold in Wisconsin. The winning ticket matched all six numbers drawn, which were 01-17-35-49-54 and the Powerball number was 11, making the ticket holder the state’s newest multi-millionaire.
The ticket was sold at Kwik Trip, located at N8790 Highway 12/16 in Friesland, WI. Kwik Trip has been awarded a $100,000 bonus for selling the winning ticket. Friesland is located in Wisconsin’s Columbia County, which is located in the south-central part of the state, about an hour northwest of Madison.
The town has a population of just under 500. The winner has yet to step forward and claim their prize, so it is not yet known who is the lucky ticket holder of this massive jackpot.
Did someone win the 2 billion dollar Powerball?
No, unfortunately no single ticket won the 2 billion dollar Powerball jackpot. The massive jackpot was won on January 13th, 2021, but was shared between three winning tickets sold in the states of Arizona, Florida and Wisconsin.
The prize was the third largest lottery jackpot in U. S. history and the second largest Powerball jackpot ever. The jackpot had climbed over $2 billion since November 28th, 2020, with no winners until the January 13th drawing.
Each winning ticket was worth an estimated $667 million before taxes. The Arizona winner elected to take a lump sum payment of $28. 2 million, while the Florida and Wisconsin winners took the 30-year annuity option for their winnings.
Where was Michigan Powerball sold?
Michigan Powerball tickets were sold at licensed retailers throughout the state of Michigan. This includes convenience stores, supermarkets, gas stations, and other authorized sellers. To locate a Michigan Powerball retailer near you, you can use the official Michigan Lottery website and search for “find nearest retailer.
” This will provide an interactive map of all retail locations that sell Michigan Powerball tickets in the state. Additionally, app-based online platforms offer online lottery games such as Powerball, Mega Millions, and others.
For those who would like to play from the comfort of their own home, this is a great alternative to buying tickets from retail stores.
What do u do if u win the Powerball?
If I win the Powerball, the first thing I would do is speak to an accountant or financial advisor to help me navigate the best decisions for my newly-acquired wealth. I would also speak to an attorney to make sure I am abiding by all of the rules and regulations associated with my winnings.
It is important to understand the tax implications of my winnings and to discuss options for protecting and investing my money.
Once the financial and legal considerations were addressed, I would decide how much, if any, of my winnings I wanted to share with family, friends, or charities. I would prioritize my personal and family goals, making sure to secure my family’s financial future.
I would consider buying a home, if necessary, paying off student loans and credit card debt, and setting aside appropriate amounts in savings and investment accounts.
On the more fun side, I would assess and consider the many options for spending some of the money – from luxury vacations and new cars to taking risks on business ventures. Additionally, I would evaluate the benefits of starting a scholarship fund for my local community.
Ultimately, I would use the winnings and my newfound freedom to enjoy life. I would make sure to cherish each moment and use this experience to create more meaning in my life and the lives of those around me.
How much would you take home from Powerball after taxes?
It really depends on how much you win and in which state you won. After federal income tax that is withheld immediately, most states also take state taxes out of the winnings. Depending on the state, prizes over $600 are subject to state taxes as well, usually at a rate of 5-10%.
For example, if you hit the grand-prize Powerball jackpot of $60 million, with no special winner tax rate per state, the federal withholdings would decrease your winnings to $42 million. If you are from a state such as Texas and California, where there are no state taxes, that entire amount would be yours to spend.
However if you are from a state such as New York, you will have to pay 8% state taxes, so you would end up with $39 million. Depending on your state, you could end up with anywhere in the range of $39 million to $42 million.
Don’t forget to consider that even after you receive your winnings, you may still have more taxes to pay at the end of the year.
Is it better to take the lump-sum or payments Powerball?
That depends on the individual’s situation and financial objectives. If you need money quickly, the lump-sum payment may be the best option since the full amount is available up front. However, if you are looking to reduce the long-term impact of taxes, then taking payments may be the wiser choice because you’ll have to pay taxes on smaller yearly installments, rather than the full amount upfront.
Additionally, if you are looking to invest the money or use it to fund additional income-generating strategies, taking payments gives you the opportunity to do this with each payout. Ultimately, the choice will depend on your individual financial goals and objectives.
Has the Powerball ever hit a billion?
No, the Powerball lottery has never hit a billion-dollar jackpot. The largest jackpot in Powerball history was $1. 586 billion and was won in 2016. It was split by three different winning tickets with each ticket holder claiming a lump sum of $327.
8 million. Following this, the largest jackpot won in Powerball history was $758. 7 million won in August 2017 by a ticket holder in Massachusetts. The runner-up highest jackpot was $687. 8 million won in October 2018 by a ticket holder in South Carolina.
While the payout was split into two payments of $343. 9 million each, it was still the second highest payout ever in Powerball history. Thus, while Powerball has produced large jackpots above a billion dollars, it hasn’t yet been able to break the billion-dollar mark.
Do Powerball winners stay rich?
The answer to that question is, it depends. Often, Powerball winners do stay rich, depending on how they go about managing their windfall after they win. Having the right plan in place and making the right financial decisions can help ensure that a Powerball winner remains wealthy.
Additionally, many Powerball winners opt to receive their winnings in a lump sum, which is typically a much larger payment than the annuity option, if it is available. Such a payment gives Powerball winners more money initially and more options to invest, save, and allocate their funds wisely.
If Powerball winners don’t take the time to understand the tax implications or plan out the best way to use their winnings, then they may not stay rich and risk running out of money. Powerball winners may decide to buy a large home and several cars and boats, for example, without considering the long-term costs of upkeep and maintenance.
They may also fail to account for long-term financial planning and investing to generate additional income streams, or worse, become victims of financial scams or fall prey to bad investment advice.
In order to ensure that Powerball winners remain wealthy, they could consider working with a financial adviser who is experienced in educating Powerball winners on how to best use their windfall in order to maintain their wealth.
Working with an experienced adviser will help guide Powerball winners in terms of investments, taxes, budgeting, and allocating their funds appropriately. Ultimately, it is up to the Powerball winner to make wise decisions and have the right plan of action in order to stay wealthy in the long term.
How much tax do us lottery Winners Pay?
US lottery winners are subject to federal income tax as well as state and local tax. Depending on where the ticket was purchased and the size of the winnings, the amount of taxes can vary significantly.
Lottery winnings of $600 or less are not subject to federal or state income taxes. All winnings over $600 are subject to federal income tax and may be subject to state and local taxes as well. The IRS will withhold a percentage of the lottery winnings for taxes before the winnings are issued to the lucky recipient.
Lottery winnings are taxed as ordinary income at the federal and state levels and are thus subject to the applicable federal and state tax rates, which range from 0%-37%. Federal taxes are calculated using the winner’s total taxable income, filing status, and the number of claimed personal exemptions, while state taxes are based on the size of the winnings and the taxable income of the lottery winner.
For federal taxes, the IRS will generally withhold 25% of lottery winnings over $5000, but this rate may vary depending on the size of the prize and any applicable deductions. Lottery winners who won more than $5000 are also required to fill out a W-2G form with their prize details, which allows the IRS to deduct taxes accordingly.
Furthermore, some states have their own withholding rates for lottery winnings, so it is important to check with the tax authority in the state where the ticket was purchased for more information.
Finally, lottery winnings over $5,000 may also be subject to the 3. 8% net investment income tax. It is important for lottery winners to consult with a tax professional to ensure that all taxes are properly paid and accounted for.
Who is the richest lottery winner?
The richest lottery winner in history is Mavis Wanczyk, who won the Powerball Jackpot in August 2017 with a cash value of $758. 7 million. She is an employee of the Mercy Medical Center in Massachusetts, and purchased the winning ticket at a convenience store.
Her win is the biggest lottery win in history for only one person, though two Powerball winners in 2016 had larger collective winnings. Wanczyk celebrated her win by quitting her job and confirming with the press that she has no intention of going back to work.
She has since revealed that she donated some of her winnings to charity and plans to invest the rest to secure her retirement and that of her family.
Who won the last Powerball jackpot?
The last Powerball jackpot was won on Saturday, April 17, 2021, by one lucky ticket holder. The winning ticket for the massive $770 million Powerball jackpot was purchased in Wisconsin. The winning numbers for Saturday’s drawing were 16, 20, 37, 44 and 62, with the Powerball being 12.
According to the Wisconsin Lottery, the winning ticket was sold at the Kwik Trip located at N72 W13085 Lovers Lane Road in Menomonee Falls. The ticket holder chose the cash option, so they will receive a one-time payment of $477 million.
Powerball jackpots can roll over up to a whopping $1 billion, so it is quite extraordinary to have one lucky winner scoop up the entire amount. As the news of the powerball winner spread, the Wisconsin Lottery issued its heartfelt congratulations to the winner.
Congratulations to the winner and best of luck in managing their newfound wealth!.
What are the 5 most common Powerball numbers?
The 5 most common Powerball numbers are 6, 8, 11, 20, and 28. These 5 numbers have been drawn more than any other numbers in the Powerball game since the game’s inception in 1992.
In the Powerball draw, each number is chosen from two distinct sets; each ticket purchased contains 5 white balls numbered 1 to 69, and one red ball labeled ‘Powerball’ numbered 1 to 26, which is the last ball drawn.
This means that all the same numbers can be chosen multiple times from either set in the same draw.
The 6, 8, 11, 20, and 28 numbers have been drawn either as a white ball or as the Powerball number a total of 502 times in all draws, primarily because these numbers fall closer to the median of each set of balls.
Additionally, Powerball encourages players to choose their numbers somewhat strategically by providing a ‘hot and cold’ chart showing the 15 numbers most commonly and least commonly drawn from both sets.
Unsurprisingly, the 5 most common numbers from the chart all happen to be 6, 8, 11, 20, and 28.
The remaining numbers that are part of Powerball’s hot and cold chart are also worth keeping in mind – namely 18, 31, 10, 5, and 27. While these may not be as common as the top five, they still have been drawn more than other numbers in the game, giving them higher odds at least.
What is the state to win the lottery in?
The state to win the lottery in depends on which lottery you are playing. Each state offers its own lottery, which are run by the respective state governments. Lotteries like Powerball and Mega Millions are offered by many states, while each state has its own specific lottery games such as Lotto, Cash 5, and Pick 3/4.
Regardless of the lottery you’re playing, it’s important to remember that the odds of winning vary in each state, depending on the game you play and the number of players. If a smaller game is limited to one state, the odds of winning may be far lower than a multi-state game.
It’s also important to remember that all state lotteries have age restrictions. You must be 18 years or older to legally purchase a ticket and participate in the lottery. Additionally, in some states you must be a resident of the state in order to purchase a ticket.
If you are looking to win the lottery, you need to perform research to figure out which states offer your favorite lottery and the best odds at winning. As long as you follow the state’s laws for lottery participation and understand the odds, then you’ll have a better chance of winning in whichever state you decide to play.
How long does it take to get your money if you win the Powerball?
It typically takes about 5–7 business days to receive the proceeds of a Powerball win, depending on the winner’s location of residence and other factors. After the winning ticket has been verified, the winner usually has four options for collecting their winnings:
1. Checks can be mailed to winners directly from state lotteries. Checks are typically printed and sent to the address listed on the winning ticket.
2. Winners can also request to have the winnings deposited into the bank account they provided when they purchased the ticket.
3. Some states also allow lottery winners to collect their winnings in person, at the state lottery’s main headquarters.
4. It is also possible for many states to wire the lottery winnings directly to the bank account provided when the winning ticket was purchased.
No matter which option is chosen by the lucky winner, the normal timeframe for receiving the proceeds is 5–7 business days. Additionally, winners should keep in mind that the IRS requires one-time withholdings from lottery winnings in the amount of 25%, and in certain states the tax rate can be as high as 37%.
How can I avoid paying taxes on Powerball?
Unfortunately, there is no guaranteed way to avoid paying taxes on Powerball winnings. All winnings from lottery games, including Powerball, are subject to taxes in the United States. Depending on the amount won, you may owe federal, state, and local taxes.
Plus, if your winnings exceed the $600 minimum, financial institutions are required to report your winnings to the IRS.
Although you cannot avoid taxes on winning Powerball tickets, there are some strategies you can use to reduce the amount you owe. For example, you can opt for a one-time lump-sum payment, which may reduce the amount of taxes you owe due to fewer income brackets.
Furthermore, you may be able to take advantage of various tax deductions to help offset some of the taxes you owe. It is also recommended to seek advice from a tax attorney or financial advisor who can provide more insight and personalized guidance.
Ultimately, while it may not be possible to avoid taxes on Powerball winnings, it is possible to manage them in a way that will reduce the amount owed for taxes.