Wednesday’s winning Powerball ticket was sold at the Coney Market convenience store in Lonaconing, a small, remote town in Allegany County in the Georges Creek Valley.<\/p>\n
“We’re really happy for somebody,” Coney Market owner Richard Ravenscroft told the Associated Press<\/i>. “We don’t know who it is yet.”<\/p>\n
We might not ever know. Maryland provides lottery winners with the legal right to remain anonymous.<\/p>\n
\nThere are many reasons why you may want to remain anonymous,”<\/strong> says Robert Pagliarini, president of Pacifica Wealth Advisors. Pagliarini advises clients on sudden wealth planning.<\/p>\n<\/blockquote>\n“When you have lots of assets, you can become a target for lawsuits, harassment, and requests for money — from family, friends, and often complete strangers.”<\/p>\n
Forty-four states have a lottery, but only 11 allow anonymity. One being Maryland.<\/strong><\/p>\nPowerball Jackpot Breakdown<\/b><\/h2>\n USA Mega is an online site dedicated to all things lottery, including the financial breakdown of potential jackpot wins.<\/p>\n
The person who won Wednesday night won’t actually receive the full $731.1 million annuity or $546.8 million cash payment — not even close.<\/p>\n
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If the individual takes the $546.8 million lump sum, it will be subjected to a 37 percent federal income tax, which cuts more than $202.2 million from the win. That leaves the winner with $344.5 million. But, of course, the state of Maryland wants its share, too.<\/p>\n<\/div>\n
Assuming the ticket was sold to a Maryland resident, he or she will need to pay an 8.95 percent state tax on the income, or around $48.9 million. That brings the net one-time lump sum to roughly $295.5 million.<\/strong><\/p>\nThe best tax scenario in the United States for a massive lottery jackpot win would come by way of either California, Florida, New Hampshire, Puerto Rico, South Dakota, Tennessee, Texas, Washington, or Wyoming. None of those jurisdictions impose a state tax on lottery prizes, meaning the net prize from last night’s win would be $344.5 million.<\/p>\n
The worst state to win a major lottery jackpot — if there is such a thing — is New Jersey. The Garden State levies an effective tax of 10.75 percent on lottery prizes. That would have brought Wednesday’s jackpot win down to $285.7 million.<\/p>\n","protected":false},"excerpt":{"rendered":"
A lucky Powerball player in Maryland is $731.1 million richer after winning last night’s draw. But thanks to Maryland law, the winner can choose to stay anonymous. The winning numbers were 40-53-60-68-69, and the Powerball 22. Only one ticket matched all six numbers. The Multi-State Lottery Association, which operates Powerball, advertised an estimated jackpot of […]<\/p>\n","protected":false},"author":25,"featured_media":162021,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,13699],"tags":[],"acf":[],"yoast_head":"\n
Maryland Powerball Ticket Wins $731M Jackpot, Can Remain Anonymous<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n