Powerball: How $1.4B payout gets cut down

The Powerball jackpot increased to a whopping $1.4 billion for Wednesday night’s drawing — the fourth largest in its history and the sixth largest ever among all U.S. lotteries. While the chances of striking big are notoriously slim, even a lucky jackpot winner should not expect to walk away a billionaire any time soon. In fact, only a fraction of that $1.4 billion payout would likely hit even the luckiest scratch-off player’s bank account in the next few years. First, jackpot winners must decide whether to accept their prize in...