Are you lucky enough to turn a $2 investment into $450 million?
Georgia Lottery officials announced Tuesday that Wednesday’s Powerball jackpot will be $450 million after rolling over 17 times since Nov. 7. Powerball drawings are at 11 p.m. Wednesday and Saturday.
Tickets are $2, and the winner will have an option of taking the grand prize in 30 graduated payments over 29 years, or a cash option lump sum of about $275 million.
Lottery officials said brisk ticket sales pushed the jackpot to $450 million from $400 million. The winner, however, isn’t the only one who will get paid. Georgia state income tax of 6 percent and federal income tax of 25 percent are withheld from prizes at the time the prize is claimed.
Georgia Lottery also is required to check for and deduct any outstanding child support payments, student loans and state taxes.
The odds of winning Wednesday’s big prize is 1 in 292 million. There is a much better chance - 1 in 24.87 - of winning lesser prizes during the drawing.
The largest Powerball jackpot was $590.5 million awarded to a Florida winner in May 2013.
Powerball is played in 44 states as well as the District of Columbia, U.S. Virgin Islands and Puerto Rico.
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