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Powerball lump sum vs. payments: How much would you get?
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Powerball and Mega Millions lottery tickets are displayed on Jan. 3, 2018, in San Anselmo, Calif. Saturday's Powerball jackpot is $550 million, and Friday's Mega Millions grand prize is $445 million. (Photo by Justin Sullivan/Getty Images)
So how much would a Pennsylvania resident who wins Saturday’s Powerball jackpot take home in winnings?
The answer depends on whether the winner chooses a lump-sum payment or annual payments.
With Saturday’s jackpot of $550 million on the line, a Pennsylvania winner would take home a lump sum of $250,244,470 after state and federal taxes, according to www.USAmega.com .
Annual payments would average $13,187,167, according to the website. Payments are made on an increasing rate schedule and increase over time.
The $550 million Powerball prize refers to the annuity option, paid over 29 years, while the cash prize would be almost $348 million — both before taxes.
Powerball is played in 44 states and Washington, D.C., Puerto Rico and the U.S. Virgin Islands. The odds of winning are one in 292.2 million.
Friday’s Mega Millions jackpot of $445 million would yield a lump-sum prize of $199,677,680 in Pennsylvania, after state and federal taxes, and an average annual payment of $10,669,617, according to the website.
Stephen Huba is a Tribune-Review staff writer. Reach him at 724-850-1280, shuba@tribweb.com or via Twitter @shuba_trib.
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