A Powerball player in California hit the jackpot winning $1.08 billion the third-largest take of its type in history.
The single ticket was purchased at the Las Palmitas Mini Market in Los Angeles, which also turns out to be one the best places in the country to actually win the lottery.
The prize is subject to 37 per cent federal income taxes as well as state and local taxes depending on the location of the winner.
California may have some of the highest personal income taxes in the country, but it’s one of the few states that doesn’t tax lottery wins.
New York by contrast is one of the worst places to be a lottery winner – levying a 10.9 per cent tax, with New York City residents paying an extra 3.9 per cent. In New Jersey, the top tax rate is 10.75 per cent.
The winner emerged after 39 drawings of the jackpot run, according to Powerball.
They can opt for an annuitized $1.08b or a lump sum of $558.1m.
Under the annuity option, they will get one immediate payment followed by 29 annual payments that increase by 5 per cent each year.
The biggest winner of the Powerball jackpot – $2b in November, was also based in California, which gets a cut of the tickets sales for its public schools.
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