Labor Day Drawing Tonight (09/01) Powerball Jackpot Hits $1.1 Billion

This year’s largest lottery prize and Powerball’s 5th largest ever estimated $1.1 billion with the Labor Day drawing is tonight (09/01). The lucky winner is facing astronomical 1 in 292.2 million odds. A ticket holder matching all five white balls and a red Powerball for the jackpot can choose between a payout over 30 annualized payments or a one-time lump sum cash payout of about $498.4 million.

The lump sum payout—typically the preferred selection—would be reduced to at least $378.7 million after a mandatory 24% federal tax withholding, while a federal marginal rate as high as 37%, depending on the winner’s taxable income and other tax deductions, could cut the winnings down to $313.9 million.

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Source: MSN