What is the cash payout for Powerball after taxes?
It works out something like this if you take the lump sum for the $930 million jackpot: $930 million, less 25% withheld = $232,500,000. Less an additional $111,600,000 (to meet 37% tax rate) Total prize after federal income tax = $585,900,000.
What percentage of Powerball winnings go to taxes?
25%
Before you see a dollar of lottery winnings, the IRS will take 25%. Up to an additional 13% could be withheld in state and local taxes, depending on where you live. Still, you’ll probably owe more when taxes are due, since the top federal tax rate is 37%.
Does the Powerball cash option include taxes?
If you choose the cash option for SuperLotto Plus, Mega Millions and Powerball jackpot prizes, you will receive the estimated cash value of the jackpot and not the advertised jackpot amount. There are generally no California state taxes for Lottery prizes, but we are required to withhold federal taxes.
What is cash value of Powerball?
The cash value option, in general, is the amount of money required to be in the jackpot prize pool, on the day of the drawing, to fund the estimated jackpot annuity prize.
How much does the Powerball winner take home after taxes?
The federal government will then take a 25% cut of the winnings (foreigners are taxed 30%), leaving the winner with a $308.8 million jackpot, or $17.5 million per year, if they pick the annuity, according to USA Mega, a site that tracks the numbers.
What is the tax rate on Powerball?
Tennessee: 1%
What is the cash payout on Powerball?
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What is the federal tax on Powerball?
$930 million,less 25% withheld =$232,500,000