Winning Powerball numbers drawn; ticket sold in California
A player in California won the $1 billion Powerball jackpot Wednesday night, the largest prize since November and only the third time ever that the pot has run into the billions.
The winning numbers were 7, 10, 11, 13, 24 and red Powerball 24. The winning ticket was sold at Las Palmitas Mini Market in downtown Los Angeles, according to the California State Lottery.
The winner can take $558.1 million in cash up front or choose to receive $1.08 billion through annual payments over 30 years that increase by 5 percent annually.
While some have celebrated their winnings by building a water park or starting a family trust, others have lost millions gambling or through poor investments. That’s why experts say winners should talk to financial advisers and lawyers to ensure they are making the most sound decisions with their money.
Depending on the state, winners can decide to stay anonymous, which sometimes creates chaos, as it did in one small Maryland town.
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Powerball players choose six numbers for five white balls and one red ball and must match all of them with the drawing to win the jackpot. The odds of doing so are 1 in 292.2 million. The Powerball organization operates in 45 states, D.C., Puerto Rico and the U.S. Virgin Islands.
The winner should expect to pay a 37 percent tax rate on most of the winnings, because the IRS treats lottery winnings as ordinary income. The prize puts Wednesday’s winner in the top tax bracket.
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