Monday, November 7th 2022, 6:32 pm
With the next Powerball drawing for the record $1.9 billion jackpot being Monday night, here's how much money you'll actually get if you win.
The drawing will take place at 9:59 p.m. Oklahoma time. The winner will have two options: Take a lump sum or get an annuity over 30 years.
The winner would only get the $1.9 billion jackpot if the person chooses the 30-payment option, which averages $63,333,333 a year. When federal and Oklahoma state taxes are factored in, the average net payout per year is $36,928,712, according to USAMega.com. The combined total after 30 payments is $1,107,861,360.
If the winner chooses the lump sum, the total would be $929,100,000 before taxes, according to the site. When federal and Oklahoma state taxes are deducted, the winner's net payout will be $541,237,795.
Charles Maupin, who bought five Powerball tickets, plans to take the lump sum if he wins.
"My wife and I are both going to donate a lot to charities, but first to family," Maupin said.
Montie Washington said he planned to buy a ticket, as well.
"Put grandkids up trust fund and get my kids' debt stuff and my debts paid off, and give back some to the community," said Washington.
If he wins, Washington said he would also take the lump sum.
"I need the whole $500 million, man, so I can be a $500 millionaire," Washington said. "I'm going to get me a house. Get me a car."
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