Powerball winner will take home millions, but probably not the whole $2.04 billion prize

image source - Gooogle

America’s newest billionaire – thanks to a record-setting $2.04 billion Powerball ticket purchased Monday at a gas station in California – may not be a billionaire for very long.

image source - Gooogle

That's because the winner, who has not yet been identified, must pay federal taxes and possibly state and city taxes, depending on where they live.

image source - Gooogle

Nov. 7's winning numbers were 10-33-41-47-56. The Powerball was 10.

image source - Gooogle

Lottery winnings are treated as taxable income. Powerball winners, who are advised to seek financial counsel before making decisions, have two options to collect the prize:

image source - Gooogle

$997.6 million in a lump sum. About $2 billion in an annuity of 30 graduated payments over 29 years.

image source - Gooogle

Most winners take the lump sum payout. No one has chosen annuity payments since 2014, according to Axios.

image source - Gooogle

For More daily Interesting Web Story join us On