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« Clearing with a high of 52 | Today | Study: Anti-terrorism missions diluted at local centers » November 29, 2007Update: $151M Powerball winner still a mysteryThe odds that you’ve won the largest Powerball jackpot in the state’s history are still pretty slim – about one in 146,107,962 -- but the winner hasn’t come forward. So if you haven’t checked your ticket yet, here’s what you're looking for: 8 -- 23 -- 32 --37-- 39 Powerball: 38. If that’s what you see, Jennafer Rampone of the Rhode Island Lottery suggests you sign it, lock it up, and find a good financial and legal advisor. But do it fast. The winner has 60 days from the validation date to make the difficult decision: annuity or cash payment. Choose annuity, and the winner gets $151.9 million in 30 yearly installments of a little more than $3.44 million after taxes. Chose the cash and the winner gets a lump sum of about $51.1 million after taxes. Decisions decisions. And that’s not the only choice: When to go public? What to buy? Which long-lost relatives get your new phone number? If you do happen to be the lucky winner, or are planning to win in the future – aren’t we all? – check out the FAQ section on the Powerball’s Web site. It breaks down all of your burning questions about statistics, taxes and annuities. It also answers some questions you may not have thought of, like ‘Why not give 151 people $1 million each instead of one gigantic prize?’ If your question isn’t answered on the Web-site, send an email. It will be answered by someone who, apparently, is quite the comedian. -- projo.com staff writer Brandie M. Jefferson This is the first time in more than six years that a Rhode Islander has won the Powerball – the largest prize in the state’s history. Before today, the largest prize was $93.5 million in 2001 which went to Michael Goulden, of Pawtucket. The mysterious Warren shopper wasn’t the only RILOT winner – there was one $200,000 and two $10,000 Powerball tickets sold in state as well. And of course, the taxpayers of Rhode Island are supposed to get something too. If the big winner chooses annuity, the state gets profits from the taxes totaling about $354,000 over 29 years. If the winner goes for the cash option, the sate would receive a lump sum tax payment of about $5.26 million. Posted by Brandie Jefferson CommentsRachel Montella | November 29, 2007 12:11 PM link If by 'willable' you mean to ask what happens if the winner dies without having gotten the whole prize, the answer is that the prize is something that can be left by Will, but will still be paid out over time. An heir doesn't get the rest of the prize in a lump if the winner - who died - was to take it over time. Answer Person | November 29, 2007 2:44 PM link Darn! I was just visiting my mom in Warren. Got home Tuesday! Darn! Jan Perdue | November 29, 2007 3:39 PM link Apparently not, Answer Person, the faq says when a winner taking time payments dies, the estate can chose to convert to a lump sum. janet | November 29, 2007 7:01 PM link Post a commentPlease be civil. Vicious comments, personal attacks and profanity won't be published. Name and email are required; email address will not publish. |
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ProJo 9 to 5 News Blog
Oct 2005 - March 2006
When you win the powerball, are your winning
willable to another person?