Local News
Guarantee winning tonight’s $900 million lottery would cost $584 million
After taxes, however,
you’d end up losing money
DES MOINES, Iowa – The largest U.S. lottery jackpot in history is at stake in Saturday night’s Powerball drawing $900 million.
The odds of winning tonight’s 9:59 p.m. jackpot are 1 in 292.2 million.
You could, however, guarantee you won the jackpot by buying every possible number combination and it wouldn’t cost you just more than half the actual jackpot.
At $2 a ticket, that strategy would cost around $584 million.
But, when taxes are factored in, one would actually end up losing money – not to mention if more than one person ended up with the winning numbers.
In the past, most who have won the jackpot end up taking the lump sum. At $900 million, that would end up being $558 million, but 39.6 percent of that would go to federal taxes or about $337 million.
PLC
February 5, 2016 at 3:02 pm
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