According to estimates, the Powerball jackpot for Monday night's drawing will be a record $1.9 billion.

Depending on where the ticket was purchased and whether a lump sum payment is chosen, the winner may really receive a portion of that amount.

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The drawing may produce the highest Powerball payout ever, surpassing the $1.59 billion prize given out in 2016.

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Winners of the Powerball have the option of receiving their winnings as a lump sum or as an annuity, which is paid out over the course of 30 years in instalments.

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When choosing the lump payment, which lottery officials claim is the more popular option, the prize is immediately reduced to its $929.1 million "cash value."

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A 24% federal tax withholding would therefore immediately lower the $929.1 million "cash value," bringing the take-home sum to $706,160,000 instead.

Depending on the region where the ticket was bought, a state tax withholding would further lower that amount.

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Next year's tax season would see an additional $120,783,000 owed to the federal government.

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According to estimates, the Powerball jackpot for Monday night's drawing will be a record $1.9 billion.

By: RB NEWS

Depending on where the ticket was purchased and whether a lump sum payment is chosen, the winner may really receive a portion of that amount.

By: RB NEWS

The drawing may produce the highest Powerball payout ever, surpassing the $1.59 billion prize given out in 2016.

By: RB NEWS

Winners of the Powerball have the option of receiving their winnings as a lump sum or as an annuity, which is paid out over the course of 30 years in instalments.

By: RB NEWS

When choosing the lump payment, which lottery officials claim is the more popular option, the prize is immediately reduced to its $929.1 million "cash value."

By: RB NEWS

A 24% federal tax withholding would therefore immediately lower the $929.1 million "cash value," bringing the take-home sum to $706,160,000 instead.

By: RB NEWS

Depending on the region where the ticket was bought, a state tax withholding would further lower that amount.

By: RB NEWS

Next year's tax season would see an additional $120,783,000 owed to the federal government.

By: RB NEWS