George Hollins buys a Powerball ticket at the Shell Gateway store on March 26, 2019, in Boynton Beach, Florida. (Photo by Joe Raedle/Getty Images) If you do beat the odds and win the jackpot, sign the ticket and return it to your state’s nearest lottery office.
There, you have a decision to make: cash or annuity.The cash option will give the winner a one-time lump sum payment equal to the value of the prize pool.
In Monday’s drawing, that equals an estimated $301.9 million.An annuity will give the winner 30 smaller payments over 29 years.
Each payment is 5% larger than the previous and will equal the value of the jackpot by the time it is paid out.No matter which route the winner goes, Uncle Sam will have his share.