![]() And, if you opt to take the winnings in a lump sum, you will be in the highest tax bracket, which is 37%. But both prize options are prior to federal and jurisdictional taxes.įirst off, all winnings over $5,000 are subject to tax withholding by lottery agencies at the rate of 24%, according to TurboTax. they are - and it varies state by state.Īccording to the Powerball website, a jackpot winner may choose to receive the prize as an annuity, paid in 30 graduated payments over 29 years, or as a lump sum payment. Indeed, while in some countries lottery winnings are not taxed, in the U.S. While $1 billion is a nice chunk of change, what ends up in the bank account can significantly change depending on where the lucky winner resides. Stimulus Update: Child Tax Credit Expansion Still ‘Achievable’ by End of 2023 - Where Issue Currently Stands in Congress Warren Buffett’s Financial Plan to Tackle America’s Debt: ‘I Can End the Deficit in 5 Minutes’ On July 19, the Powerball hit $1 billion - the third-largest total ever. It was the sixth-highest Powerball amount ever. ![]() It got over a third of the way there in February before a player in Washington state won the $754.6 million jackpot. ![]() The Powerball lottery set a record in November 2022, with a drawing worth $2.04 billion.
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