GHENT, WV (WVNS)– The jackpot is rising for the Powerball drawing. Have you bought a ticket?
The grand prize is now at $610 million. Potential winners can either have the full amount paid over 29 years or a cash offer of about $434 million. The last time the Powerball was won was back in October 2021.
However, did you know taxes are taken out of winnings?
The federal government withholds 26% and the state withholds about 6 to 6.5%. West Virginia Lottery Director, John Myers, said you might have to pay additional taxes.
“Now that doesn’t necessarily satisfy all of your taxes that will be due depending on your income prior to winning that prize. So, you have to be conscious of the fact that you may have to pay additional taxes on top of what we hold,” Myers said.
All tickets must be purchased by 9:59 pm EST in order to be eligible for this drawing. The odds of winning the grand prize is 1 in 292,200,000.