Alabama still does not have a lottery but the Florida line is so close. The jackpot for Powerball is now at $750 million dollars, the 10th largest in the games history. A drawing will take place at 10pm central time tonight and locals are heading to Flora-Bama for tickets.
If a single ticket is sold matching each number drawn Monday, the winner could receive a jackpot of $750 million paid out in 30 annualized payments, or elect to take the lump sum of $338.6 million immediately which is the typically taken option.
If the winner takes the lump sum, federal withholding taxes of 24% would immediately bring their winnings down to $257.3 million. Winners would also likely face the highest federal marginal tax rate at 37%, bringing the cash sum down to $213.3 million…