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Powerball winner Yanira Álvarez faces tough decision, forfeits half of record $1.08 billion prize

Yanira Álvarez won one of the largest jackpots in the history of the popular American lottery Powerball: US$1,080 million, accumulated after 39 draws and several weeks of frustrations. The ticket, which the woman, of Hispanic origin, bought in a minimarket in Los Angeles, California, matched the six numbers of the game on Wednesday, July 19, 2023. However, at the time of collection, she only took half of the prize. In this note, I explain what happened with the payment.

After several months without coming to light, Yanira Álvarez, who invested only US$2 in the lucky ticket, appeared to claim the prize that, at the moment, is the fourth largest collected in the history of Powerball. Her winning numbers were: 7, 10, 11, 13, 24, and 24.

California is one of the states that participates the most in the lottery, with the record for the highest number of prizes awarded. In fact, the US$2.04 billion Powerball jackpot came out in Altadena, in November 2022, and, in the midst of great controversy, it was won by a citizen of Hispanic origin Edwin Castro.

The overall odds of winning a Powerball prize are 1 in 24.9, but those of winning the jackpot are 1 in 292.2 million.

Los estados que tuvieron un boleto ganador en el sorteo del Powerball del 19 de julio de 2023 (Foto: Powerball)

The states that had a winning ticket in the Powerball drawing on July 19, 2023 (Photo: Powerball)

Yanira Álvarez could choose between receiving the US$1.08 billion jackpot in 29 annual payments, which increase 5% each year; or US$558.1 million in a single payment before taxes. She, according to lottery information, opted for the second proposal, which is a much smaller figure.

Before receiving the cash, in addition, the 24% withholding will be immediately applied, which is approximately US$134 million. Additionally, because the prize pushes the winner into the top federal income tax bracket, which is currently 37%, they will receive another cut ($72.5 million). According to the calculation of Mega.Us would keep US$351,644,812. Luckily, in the state of California, there are no taxes on the lottery. If he had opted for annual payments, it is estimated that he would have received US$681,528,370.

Yanira Alvarez bought your winning ticket at Las Palmitas Mini Market in Los Angeles, California. The store, located in the Fashion District, has been operating since 2017, and the owner is Maria Menjivar. It is worth mentioning that the store won a million dollars for having sold the winning ticket.

If you were interested in this information, we present other notes that were written in Management about the United States:

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