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Let's take a look at the best and worst states to win the Powerball jackpot. ... Subtotal after federal taxes: $14,737,045. State taxes: $676,667. Annual payments: $14,060,378.
The tax rate on lottery winnings varies by state. Lottery and State Taxes We've discussed what portion of your lottery winnings will go to taxes at the federal level, but how much are lottery ...
There’s a $1.73 billion jackpot for Wednesday’s Powerball drawing. Here’s how much Uncle Sam would get if you won.
In November 2022, the Powerball lottery broke records for any lottery drawing in history, with a $1.9 billion jackpot. The jackpot starts at no less than $20 million and grows by at least $2 ...
These changes were made to increase the frequency of nine-figure jackpots; a Powerball spokesperson believed a $500 million jackpot was feasible (it became a reality within the year, [20]) and that the first $1 billion jackpot in US history would occur by 2012 (though it didn't occur until 4 years later.) [21] Less than three months after the ...
That would bring the winnings down to about $585 million — and that’s before any state or local taxes might apply. Live Updates: Financial Trends, Money News and More Find: 5 Times Inflation ...
Continue reading → The post How Taxes on Lottery Winnings Work appeared first on SmartAsset Blog. Up to an additional 13% could be withheld in state and local taxes, depending on where you live.
While the cash value of the Powerball jackpot is the actual amount before taxes that would be paid out to the winner (should they take the lottery lump sum), the estimated jackpot works a little ...