Two Powerball Winners To Share $579.9 Million

Well, the Powerball jackpot was finally won last night, but alas – the winner did not earn enough to buy that Hawaiian island after all, as there were two incredibly lucky jackpot winners! However, with a pre-tax share of $289.9 million each, we doubt the two winners are complaining much, as they will still go down in history for taking home that colossal jackpot! For more information about the draw and just how much money those lucky winners can expect to take home, read on!

The two winning tickets were sold in Missouri and Arizona, but as of yet that is all the information which is available. Often, winners of the Powerball take some time to go public with their win, as according to Powerball legislation, winners from all but 5 jurisdictions MUST go public to promote transparency of the lotto. This means winners often take some time to come to terms with their massive new fortune before the inevitable public onslaught.

As we all know however, each winner may have won $289.9 million, but this is a pre-tax amount based on a 30 year annuity average – not a cash figure. The amount which the winners will actually take home will depend on the tax of the state they reside in and whether they choose the cash or the annuity option. For example, in Arizona, state tax is 5%, so all lump sums would be subject to a total of 30% (as Federal Tax of 25% applies in all states). The total our Arizona winner can expect if they take the cash option therefore is $132,930,000.

However, our winners can expect to come out a little better off if they take the annuity option. This pays out in 30 equal payments, which in this case would equate to $6,862,150 per year for our Missouri winner. They would therefore earn a total of $205,864,500 after the 30 years with this option. We know which one we would pick – but what will the winners choose? We can’t wait to find out!