If you hit the $750 million Powerball jackpot, here's your tax bill

website powerball jackpot after taxes If the lump sum payout is chosen, the prize will drop to $ million after a mandatory federal tax withholding of 24% is applied Depending powerball jul 06 2024 The Powerball jackpot can be paid out as a lump sum or an annuity Read on to learn the truth about Powerball payouts

powerball jackpot after taxes So, when you take the cash option, you will end up with $374,954,812 after federal taxes Now it is the state's turn State tax rates on lottery  tax code The bottom line: To maximize the overall value of your winnings, most financial experts advise taking the lump sum Even after taxes  Then there are the taxes The IRS immediately takes 24% of all lottery winnings over $5,000, dropping the total to approximately $363,432,000

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