BOSTON (WWLP)—The Powerball jackpot winning ticket totals more than three quarters of a billion dollars, but the lucky winner won’t be getting all of that money. Some of it will go toward taxes and it all depends how you want to receive the money.
53-year-old Mavis Wanczyk is now a Chicopee millionaire after winning the $758.7 million Powerball jackpot. Winning the lottery was a pipe dream she never expected would come true.
“It’s never going to be me. It’s just a pipe dream I’ve always had and he’s reading these numbers and I pull mine out and I go, hey I have number, I have that, I have that,” Wanczyk said.
The lottery gave her two options to receive the money: either receive 30 payments annually over 29 years or take a one time lump sum. She chose the cash option, taking home about $480 million before taxes and withholding. The state gets about $20 million of that in taxes and the federal government gets $120 million. After taxes and withholding, Wanczyk gets approximately $336 million.
Here’s why the lottery says the winning ticket is worth more: if Wanczyk chose the annual payment option, the cash would be worth $758.7 million after being invested over 30 years. Choosing the cash option, she gets a smaller one-time payment.
About 18 percent of the $42 million Massachusetts residents spent on the Powerball jackpot since June will go back to local cities and towns, according to lottery officials.
“I think this is a wonderful occasion. It’s wonderful for Massachusetts,” said State Treasurer Deb Goldberg, (D-Massachusetts). “It’s wonderful for the retailers and it’s a win, win, win.”
Cities and towns received about $980 million in local aid from the lottery in fiscal 2016.
Wanczyk is still deciding how she wants to spend the money, but she told 22News she’s starting with an early retirement.