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Powerball jackpot hits $674 million: what the winner keeps

Finance

$674 million jackpot

The Powerball jackpot reached $674 million after no winner on October 21.

The drawing

What happened Wednesday

No ticket matched all six numbers. The numbers were 1, 21, 44, 50 and 57, with Powerball 5.

Near misses

$2 million winners

Tickets in Ohio and Pennsylvania matched five balls and won $2 million each with the Power Play.

Near misses

New Jersey winner

A New Jersey ticket also matched five white balls and won $1 million.

The choices

Cash or yearly payments

The winner can take the full $674 million over 30 years, or one cash payment now.

Cash option

$283.9 million

The one-time cash option is $283.9 million before taxes, according to Powerball.

Taxes

24 percent held back

The lottery withholds 24 percent for federal taxes right away, like tax on a paycheck.

Taxes

The real tax rate

The top federal rate is 37 percent. The winner would keep about $178.8 million after federal taxes.

Yearly option

$14.15 million a year

The 30-year annuity would pay about $22.5 million a year before taxes, or $14.15 million after.

State taxes

Your state matters

Most states tax lottery winnings. Florida, Texas and California do not tax Powerball winnings.

Next drawing

Saturday, October 24

The next drawing is Saturday at 10:59 PM ET. Tickets cost $2. The odds are 1 in 292.2 million.

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Full breakdown

Read the full explainer on Rive News: what happened, what the winner keeps, and what happens next.

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