Winner takes home $189 million lump sum cash payout after taxes
By Todd Northrop
At an afternoon press conference, the Hoosier Lottery announced that a Lafayette man claimed a $435.3 million Powerball jackpot that was drawn in February.
The lucky winner used an allowance in Indiana law that permits a jackpot winner to claim the prize through a Limited Liability Corporation (LLC), which shields the winner's identity from the public.
The winning ticket in the $435.3 million Powerball drawing was was purchased at the Super Test, 1600 block of Sagamore Parkway South, Lafayette, Indiana. One ticket matched all five numbers plus the Powerball number in the Feb. 22, 2017, drawing.
The winning numbers were 10, 13, 28, 52, and 61, with Powerball number 2.
The massive annuity jackpot is the seventh largest in the history of the Powerball game, and overall the 10th-largest lottery jackpot of any game in US lottery history.
The lump-sum cash value of $263.5 million also notched the same 7th- and 10th-place rankings in the historical record.
It's not the largest lottery jackpot ever claimed in Indiana. Last year a $536 million Mega Millions jackpot from the July 8, 2016, drawing was claimed by an Indiana family who also utilized the state's provision for remaining anonymous. (See Indiana family claims $536 million Mega Millions lottery jackpot, Lottery Post, July 29, 2016.)
Indiana leads the nation in Powerball jackpot wins with 39.
The winner, who was described as a middle-aged man from Lafayette, opted to take the lump-sum cash option rather than 30 installments over 29 years. The lump-sum payout is the on-hand cash the lottery would have invested in order to achieve the annuity $435.3 million payout after the 30 annually-increasing installments were paid out.
After the initial taxes were withheld, the man accepted a check for $189 million.
"Once he saw the numbers matched, he couldn't sleep," said a representative of the LLC the winner set up. "He tried calling his brother later that morning, but he didn't answer. He then called his dad, who joked, 'I thought you were calling to say that you won the lottery?' to which the winner replied, 'Maybe I did!'"
The winner plans to use the money for his family's education, to further his own education and more. He also plans to make donations to charity.
"The winner is very family oriented and close to his siblings and parents," said the representative. "He plans to give some money to family, to help family members pay for their education, and maybe earn an advanced degree himself. He anticipates making donations to charity, but he has made no decisions at this time. He's excited to travel to see family, and is thinking about buying a new car and a home. For now, he plans to stay in Indiana."
The winner has done his best to conceal the fact that he was the big Powerball winner, and he does not believe that his co-workers at the manufacturing plant in Lafayette where he works have figured it out. Nevertheless, rumors have been swirling around his hometown of Lafayette since the drawing in February.
An alumnus of Purdue University, the winner hasn't decided if he'll leave his job, although he said he might want to give it up so that someone who needs a job can have it.
The LLC that was setup to claim the jackpot is called Bohemian Financial LLC.
Eventually their Identity will be Known...
Forming a Trust or LLC will buy a winner some time but anyone with a big shovel can eventually expose the winner if they dig deep enough.
Congrats--enjoy it
Middle age man -- sounds like he is single, ladies.
That's a lot of money to have fun with.
If he only received 189 million, then he lost over 50% to taxes. That sounds like a huge amount of money to lose to taxes.
Indiana state tax rate is 3.3% and the federal tax rate would be 39.6%. So the amount he received has to be wrong.
Look at the big picture Felllini: if he only played a dollar - you think he cares after hauling in tens of millions? Doubtful!
"He's excited to travel..."
".....and is thinking about buying a new car..."
"...and a home."
"For NOW, he plans to stay in Indiana."
It sure was fun being picky about which pictures to post. I can only hope that I get to replicate that after Tues. / Wed. night in real life!
Congrats!!!
Indiana leads the nation in Powerball jackpot wins with 39.
This is the place to buy your tickets! More wins than New York, Florida, California, New Jersey, Georgia, and Tennessee combined!
Read a little closer. He accepted the cash option, and that's what he was taxed on -- not the annuity value. He was taxed exactly right. Look at the Jackpot Analysis for Indiana for that drawing: https://www.usamega.com/powerball-jackpot.asp?d=2/22/2017
Pretty sure its already known to those that matter.
Lawyers, the Govt,the lottery and even his mailman. :)
"Indiana state tax rate is 3.3%"
Indiana is a weird state in terms of income tax. Besides the state income tax there's a separate county income tax in all but one county. Lafayette is in Tippecanoe County, where the rate is 1.1%.
NICE!
Saying that he is a middle-aged man born in Indiana would have been enough information for the press release, especially for a state that will allow you to claim anonymously.
To say what industry he works in and what college he attended is enough information for his co-workers to figure it out.
How many male Purdue University alumnus from Lafayette are there, who are middle-aged and work in a manufacturing plant in Lafayette?
All it takes is one person at his job (who knows the answer to the above question) to start talking.
Wonder if the LLC is owned by a claiming trust? (Which could then be owned by a bridge trust to really conceal his identity.)
Nonetheless, I hope the best for him and his family and that he will be able to keep his privacy in tact.
Hopefully, if that happens it will be far enough in the future where people will have other things to worry about. The best part is, his name is not directly connected with the win. Not listed on Powerball's webpage or a news article about it.
This winner still owes 14.6% in taxes to the IRS. Indiana took out 25% for the IRS. The winner owed 39.6% total federal taxes due. If the winner earns anymore money this year he will owe the top tax rate on that amount too.
Uncle Sam is our silent partner in everything we do. We get what we vote for.
"Once he saw the numbers matched, he couldn't sleep."
A common reason why winners claim the next business day.
.
GOOD WIN.
Can say no more.
I told my husband and sister I bet the winner would be in Indiana and it was and I said that they would form an LLC and they did. I think there is something fishy going on in Indiana. With all the lottery arrest in 2016 I hope this is investigated.It's not sour grapes or me even predicting it. It's that it is a pattern you see when you step back and look at it the last 2 years. Just my thoughts.
Did you seriously just say "only $189 million"? I will take only $189 million any day. Would be the same as $400 million to me as I would never spend all of either. I think someone else on here also said "only $800 million" for that 1.5 billion dollar jackpot. That much money and you are worried about the taxes? Talk about greed. You would never have even close to that much otherwise after taxes. You will have more money than most even after the taxes, just how many hundred millions do you REALLY need? You can earn it all back anyway many ways. I would not even spend $10 million most likely, it will just sit in a bank and earn even me more money.
Also it is BS that some stated can remain anonymous and some can't, and is not good for the integrity of the game. How are we supposed real people actually won? No one gives a crap anyway after a week or two, so you will walking around in your own self-centered paranoia for nothing. The world does not stop because you won the lottery. I would be more worried about family and friends than the rest of the world. You can't remain anonymous from them unless you move far away. But if you are that much of a coward you should not be playing the lottery anyway.
BINGO !
I have that link you posted on my favorites and c heck it out before every drawing.
It gives the exact amount of taxes that are with held for every state that plays PowerBall
A great site !
my above post was a response to this post by Todd.
When l read this piece of yours sirbrad " l would not even spend $10 million most likely, it will sit in a bank and earn me more money." I got to thinking of * Luke 12: 16-20
Oh well.
Take what someone said out of context, inject your own silly politics in it, and attack and insult a poster.
I quote my dad and prudent bros, smart men do not have alot of fun at certain age past thirties,forties,they save it, invest and make sure never to lose it all on junk in life,fast life."Single or not.Gotta be astute. I hope he would be if he is single or not.Good going sir .. Congrats .
3/14/17
Smart winner set up an LLC to protect his ID.
Welcome, Cassie8620 to Lottery Post! I am always happy to see another Californian contribute their knowledge and wisdom here.
Remember it is just a game. That is until you win. Then your life changes forever.
Yeah, so much for "anonymity". The press release has so many clues, it's ridiculous. What's the point of describing where he works, and even more so, where he went to University?? How did that info even come up? Do you have to disclose such things? Or did he just blab it all out in excitement at the lottery office? Perhaps future winners in "anonymous" states should fabricate a personal history to throw the hyenas off their trail.
Yep !
Soon we'll be reading about how his co-workers outed him !