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Winners can select between two payout choices: a lump-sum fee or an annuity. The lump-sum option presents instant entry to the prize cash but is subject to higher taxes upfront. The annuity, spread over 30 years, offers incremental funds and can be extra tax-efficient over tim

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Powerball winnings, like all lottery prizes, are topic to federal and state taxes. The IRS mandates a 24% federal withholding tax on winnings over $5,000. Additionally, state taxes range, with some states imposing their own rate

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Once your ticket is in hand, anticipate the draw, which typically occurs on Wednesday and Saturday evenings. The anticipation builds because the clock ticks closer to the drawing time. Make positive to tune in or verify the outcomes promptly afterwar

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