Janice Morse reports:
Powerball lottery ticket sales are on fire, thanks to the lure of a record-breaking $500 million jackpot that still could climb higher before Wednesday night’s drawing for the winning numbers, Marie Kilbane, spokeswoman for the Ohio Lottery Commission, said Tuesday.
Statewide, people wagered a total of nearly $2.5 million on Powerball tickets Sunday and Monday – about $2 million more than the total dollar amount of bets placed during the same period a week earlier, Kilbane said. Figures specific to Greater Cincinnati were unavailable.
The jackpot could swell more, depending on sales tallied after today, Kilbane said. The previous record-high Powerball jackpot was $365 million, in 2006.
At the current level, a single winner choosing a lump-sum payment would receive $327 million. If the annual payments option is chosen, varying amounts would be distributed to the winner for 30 years, Kilbane said. In either case, amounts paid to the winner would be subject to withholding of 25 percent federal taxes and 3 percent Ohio state taxes, Kilbane said.
Of course more than one winning ticket could be issued, which would dilute the payout.
The winnings would be likely subject to additional taxation, including possibly local taxes, when the winner files his or her tax return.
“We advise anybody winning at this level to get some financial advice and legal advice, and take a little time to think about what they might do before they make their claim,” Kilbane said.
Winners have 180 days from the drawing date to claim their winnings.
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