Powerball Jackpot Hits $430 Million

METRO DETROIT, MI — By now you’ve likely heard that one lucky Illinois Mega Millions player took home the gigantic jackpot over the weekend. The good news is, there’s one even larger jackpot still available. Wednesday’s Powerball Jackpot has risen to the obscene amount of $430 million.

You can take that in yearly payments, of course. But most experts advise to take the lump sum option, which in this case would be $273.4 million. After Uncle Sam, the state of Michigan and other taxes are collected, a single lucky winner would clear north of $160 million.

The winning Powerball numbers for Saturday, Aug. 12 were: 20, 24, 26, 35, 49 and a Powerball of 19. Each Powerball ticket costs $2. Find out where you can buy your Powerball tickets here. The Powerball game is played by matching all five white balls in any order and the red Powerball number. The odds of picking the correct Powerball grand prize numbers are one in 292,201,338.

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A total of 44 states, plus Washington, D.C., Puerto Rico and the U.S. Virgin Islands, that participate in Powerball. Powerball drawings are held every Wednesday and Saturday at 10:59 p.m. Eastern time.

The record in the game was a $1.6 billion drawing in January 2016, which was won by a group of Tennessee workers. And on Feb. 22, a lucky player in Indiana won the $435 Powerball jackpot, the 10th largest in the game's history.

Claiming, Safeguarding Winnings
So, what should you do if you win the big prize? Many lottery winners hire an attorney, financial planner or both, since most people don’t exactly know what to do when they suddenly come into so much money. Some even bring their lawyer with them to claim their prize. The lottery does not offer any counseling services or advice for winners.

You have two choices when you claim your prize: the full value paid in 30 installments over 29 years, or a one-time lump sum that is smaller than the actual total.

Then there are the taxes. The federal tax on lottery winnings is 25 percent. Then, any extra income taxes like state or city would apply. Financial experts say that if you can get more than a 3 or 4 percent return on an investment, the lump sum is actually the best way to go in the long-term.

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