Powerball Hits $349 Million
Here's a breakdown of what you'll get after the state of Minnesota gets its share. There's a lot you could do with $349 million. Better yet, there's not a lot you couldn't do with that kind of money. Here's how it much you'll get if you take the annuity or choose the lump sum cash option according to USAMega.com.
The state of Minnesota would take $843,417 immediately. Then every year after that, your annuity payment will get bigger but so will the state taxes. All told, at the end of the 30 years, you will have received $236,447,500. The state's share of that money would be $25,302,500. Federal taxes at the end would amount to $87,250,000. Meaning you would pay well over $100,000,000 in taxes alone. Sure. No problem when you've got 236 million.
After the government gets their cut ($15,449,750) your net payout would be $144,375,250.
Either way, you likely wouldn't have to worry about money for the rest of your life but there are winners that won big and lost it all.