A trio dubbed The Breakfast Club was revealed as the winners of the $842.4 million Powerball jackpot, the biggest Powerball lottery win in Michigan history.
Instead of receiving the full amount in annuity payments over a 30-year period, The Breakfast Club chose to receive their record-breaking prize as a one-time lump sum of approximately $425 million. They received about $305 million after withholding the first 24% federal income tax and the 4.25% state tax.
The lottery win will allow the club members to retire earlier than anticipated. They intend to share their winnings with their immediate family and beloved nonprofit organizations, and they also intend to take some trips.
Instead of receiving the full amount in annuity payments over a 30-year period, The Breakfast Club chose to receive their record-breaking prize as a one-time lump sum of approximately $425 million. They received about $305 million after withholding the first 24% federal income tax and the 4.25% state tax.
The lottery win will allow the club members to retire earlier than anticipated. They intend to share their winnings with their immediate family and beloved nonprofit organizations, and they also intend to take some trips.
