Puerto Rican Powerball Winners – How They Use Their Winnings
Quick, and easy in some cases, and long in others, the powerball craze is sweeping across the United States and its residents. It is one of the fastest growing lottery games in history. Millions are joining in every day, trying their luck. Winning a lottery has never been easier.
Powerball jackpot prices have soared over the past year or so. In fact, there have been reports of real Powerball jackpots being estimated in excess of $1 billion daily. As with any other lottery game, winning the Powerball jackpot has a cash option, but the odds of actually winning the huge Powerball jackpot are astronomical.
On February 12th, Powerball winners will be selected in the Powerball drawing. All ticket sellers are required by law to offer a Powerball drawing, regardless of whether they win or not. Powerball winners will receive an amount of cash, called the “prize” (usually a few dollars), in addition to a few of the regular prizes. If you purchase enough tickets, you stand a very good chance of becoming a Powerball winner. Some of the most popular Powerball drawings are March, April, June, September and October.
The odds of winning are astronomical, as with any lottery game. One out of every four Powerball winners will never walk away from the Powerball table with the big prize. However, because of the large number of people playing, prices have been driven up to unheard-of levels. Prices are expected to continue to skyrocket for the foreseeable future, especially as supply outstrips demand.
While it is true that the odds of winning great sums of money are astronomical, the income taxes incurred due to winning do not have to be prohibitively high either. It is estimated that a powerball winner will typically earn between ten and twenty times his annual income. If you take into consideration how much it costs to insure an automobile and maintain a home, along with the other expenses that must be accounted for, then you begin to see how serious a winner can be. Not only will you have a considerable tax windfall, but you will also realize an incredible sense of pride as you watch your prize money accumulate. It is truly the windfalls of lifetime.
Many states across the country to issue tax exempt certificates to those who win Powerball drawings. These certificates are proof that you did not spend any of your prize money on anything other than winning the Powerball game. In many states, this applies to prize money too. For example, if you win a March Powerball drawing, then you will not have to pay income taxes on the winnings. Puerto Rico Powerball winners also do not have to pay U.S. taxes on their winnings because they live in Puerto Rico.
If you win a Puerto Rican Powerball Jackpot, then you are entitled to claim all of the prizes won in all drawings held by the National Powerball Association. While there are some limitations set forth by the law, Puerto Rico Powerball winners can use their winnings to pay off credit card debts, buy new automobiles, remodel their homes and more. Winning such an award not only allows you to become debt free, but also gives you a sense of financial freedom that you may never have experienced before. Some people have even taken their newfound wealth and used it to help fellow Puerto Rican families in need.
The Puerto Rican Powerball Association has also made it easier for its Powerball winners to convert their winnings to cash. Since the association issues tax exempt certificates, Powerball winners have the opportunity to exchange their winnings for whatever they desire. With this type of opportunity, many Puerto Rican Powerball winners find that they now have more money that they can utilize for all of the things that are important in life.