On Monday, February 6, 2023, we all became one step closer to the highly anticipated results of the $745 million powerball, the fifth largest Powerball lottery jackpot.

The winning ticket numbers of 05, 11, 22, 23, 69, and the Powerball 07, matched one singular ticket and due to the sheer number of ticket sales, the total jackpot was able to reach over the initial estimate of $747 million. This particular Powerball was especially anticipated not only because of its price-point but also because the win on Monday was the first Powerball jackpot since November 19th. The odds of winning this specific Powerball was 1 in 292.2 million.

If the cash option is selected, the winner will walk away with $407.2 million; or they can opt to receive distributed payments that span over the course of 29 years that increase by 5% annually. Although, most winners prefer to take home the cash option. Because the government takes a hefty amount of the Powerball prize through tax, some may wonder….what is that money used for?
The IRS takes 24% of any lottery winnings that are over the sum of $5,000. That money is then used to fund and support many different things throughout the US. Tax money goes on to pay for Social security, Medicare, military equipment, highway maintenance, education, and etc. These are things that we use on an almost daily basis or are helpful to us as Americans. Although the lottery winner themselves may find it disappointing to have a part of their jackpot taxed from them, it’s ultimately helpful to us all in the end.

The most recent Powerball serves as a reminder to us of all of the pros and cons of winning a large sum of money through Powerball and the baggage you will also be getting along with the money.