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Powerball Winner, Watch That Fiscal Cliff

You'll want to take the lump sum, say advisers
By John Johnson,  Newser Staff
Posted Nov 27, 2012 6:18 PM CST

(Newser) – Tomorrow's Powerball payoff is now $500 million, reports AP, and it should end up even higher given how fast tickets are selling. Should you find yourself an instant member of the 1%, MarketWatch has some advice: Take the lump sum, which currently would be about $327 million. That's not typically the suggested path, but the threat of the fiscal cliff—and expiring tax breaks—makes things different this year. In the long run, the lump sum "could save you millions in taxes," says one adviser in the story. (Read more Powerball stories.)

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