Higher interest rates mean a lump sum will grow larger when paid through an annuity over decades. The advertised lottery jackpot is for winners choosing payment through an annuity over 30 years. The increased frequency is due to higher interest rates and worsened odds for winning a jackpot. Since 2021, six prizes have topped $1 billion, not counting the latest game. ![]() And wins in recent months have been few and far between. ![]() Powerball’s terrible odds of 1 in 292.2 million are designed to generate big jackpots, with prizes becoming ever larger as they repeatedly roll over when no one wins. But if you're lucky enough to live in California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington or Wyoming, you won't pay income in your winnings. There's also state taxes in some jurisdictions, which range from 2.9% to 10.9% depending on the state you live in. Iowa couple who lost home in tornado wins $2 million Powerball jackpot
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