700 million dollar powerball

24-year-old Wisconsin man Manuel Franco is winner of $768 million Powerball jackpot: ‘It feels like a dream’

The winning ticket was sold in March at a Speedway in New Berlin, Wisconsin.

Wisconsin man wins $768M Powerball jackpot

Wisconsin resident Manuel Franco is the winner of last month’s $768.4 million Powerball jackpot — the third-largest lottery amount in U.S. history.

“It feels like a dream,” Franco, 24, said at a press conference Tuesday.

“It was amazing, my heart started racing, blood pumping,” he said. “I screamed for about 5 or 10 minutes.”

“My dad cried lot,” he added.

The winning ticket was sold on March 27 at a Speedway in New Berlin, about 15 miles west of Milwaukee.

“I walked into the Speedway and I purchased $10 worth of individual Powerball tickets,” Franco said. “I honestly felt so lucky that I did look up at the camera and I wanted to wink at it cause I just had that lucky feeling.”

He went to work the day after he won but was anxious and sweating. He said he never showed up to work again after that day.

Before the big win, Franco said his biggest concern was getting his bank account up to $1,000.

Franco, who was born in Milwaukee, has been playing Powerball since he turned 18. He said he bought his first ticket on his 18th birthday.

The jackpot has a lump sum cash value of $477 million, according to Powerball.

Franco said he is accepting the lump sum. He will receive just over $326 million after taxes, said lottery officials.

“I’m sure you’ll never see me as like one of the people who went bankrupt or broke or anything like that. I plan to live my life normal as much as possible,” he said.

Franco said he doesn’t know what his future holds but that he wants to “help out the world.”

The winning ticket was sold in March at a Speedway in New Berlin, Wisconsin.

Here’s how much money you actually take home if you win the $700 million Powerball

The INSIDER Summary:

  • The latest Mega Millions Powerball jackpot is $700 million.
  • If you win and take the lump sum, the initial payout is $443.3 million.
  • But then federal taxes cut that down to $332.5 million.
  • And depending which state you’re in, the final payout might be around $293 million.
  • Find out the payout depending on your state at the USA Mega website.

The Powerball lottery pot is now $700 million , a nd while buying a lottery ticket might not be money-well-spent, you might as well prepare by knowing how much cash could be in your pocket.

Unfortunately the $700 million sum drops drastically after federal and state taxes are removed.

The real total take-home? According to USA Mega, the winner receives an initial payout of $443.3 million (if they take the lump-sum). Already we’re at 63% of the advertised value.

But now comes taxes.

The initial federal tax withheld from the winnings is 25% — removing $ 110,825,000 million. Now our winner has about $332.5 million left to spend.

But, depending on where they live, an additional state tax of up to 8.82% will be deducted, leaving a grand total of $293,375,940 awarded.

USA Mega makes sure to note that this dollar amount is the estimated total awarded at the time a winner claims the prize, not your exact final tax burden,” because the federal tax actually winds up being 39.5% for lottery winners.

Then state taxes may vary from the percentages listed on their site. And some residents, like New York City dwellers, are subject to additional municipal taxes of about 3% on lottery winnings.

Lottery winners are given a payout of less than 50% of the advertisted jackpot after state and federal taxes when you take the lump sum of cash.