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All investing involves risk, including loss of But if you won, do you know how much you would actually get? Then, depending on whether the winners state taxes lottery winnings, he may have to add state taxes too. Adviser or provide advice regarding specific investments. Hard to imagine, but if no winner steps forward to claim Tuesdays record prize, California and all the other Powerball states and territories will receive all the money back that they contributed to the prize. But the IRS isnt done yet. NEW YORK, US - NOVEMBER 4: The Powerball jackpot, reached an estimated $1.6 billion on Friday, making it the largest jackpot ever. The trouble started when she tried to benefit her family and to spread the wealth. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. Some lottery winners set up their own charitable foundation and donate a portion of their windfall to it. The odds of that happening are 1 in 11.6 million. Cotreau wrote on his store's Facebook page. Working with an adviser may come with potential downsides such as payment of fees (which will According to the article in the OP, if the winner claims the lump sum they get $747 million, but after taxes they'll actually take home $433 million. On the $2.04 billion win, the cash election is really $997.6 million. The federal tax withholdings are taken out before receiving your lump sum. There are no guarantees that working with an adviser will yield positive returns. Though the jackpot ended up totaling $2.04 billion, the winner could end up netting about $758 million after federal income taxes, assuming they decide to take a one-time cash option, as most winners do, instead of opting for the entire jackpot split into 30 annual installments. That's a sizeable difference from the lump sum option. The latest Mega Millions draw sequence, which began with a $20 million jackpot back in October 2021, rolled a whopping 27 times to a jackpot of $426 million for Friday's draw. So, what are you going to do with your winnings? The estimated federal tax withholding on the $358.5 million lump sum would be $89.6 million, according to USAMega.com. The Mega Millions jackpot for Friday, Sept. 17, is $405 million with a cash value option of $294,700,000. From June 2020 to June 2021, the California state lottery dispensed $5.6 billion in winnings. Taxes on a Powerball jackpot could be more than $400 million Published: Jan. 13, 2016 at 12:13 p.m. As I've written about before, there is wealth transfer tax comprised of the gift tax and the estate tax. The worst states in which to hit the Mega Millions jackpot. The Mega Millions and Powerball lotteries have each topped $400 million. However, if the winner opts for an immediate lump . But winners nearly always opt for cash, which for this drawing would pay out an estimated $470.1 million. Wait, really? Consult with a professional tax advisor and accountant to avoid any unplanned tax bills or other surprises. The winner takes home $628.5 million after federal tax. The pizza joint will also get a slice, with a $10,000 commission for . Here's when to expect key forms. In some states, the lottery also withholds a percentage of the payment for state taxes. These dollars are used to help schools across the state, including paying teacher salaries, purchasing new equipment for science labs and replacing outdated textbooks with ones modern enough to acknowledge the existence of the internet. Some people may even try to quickly move states, though it can be too late, especially with the lottery. EVERY PENNY OF LOTTERY PROFITS would go to PUBLIC EDUCATION., Back in 1964, California voters shot down an earlier proposal to create a state lottery system after opponents used taxes as a scare tactic against what was known as Prop 16. Winning the massive $2.04 billion Powerball jackpot would be life-changing, but many people wonder just how much of the pot will be eaten up by taxes. Related Articles Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Payouts of jackpots over $5,000 net of the wager automatically have 24% withheld for federal taxes. The drawing in the 43-state game is at 10:59 p.m. If you chose the annuity, you would receive 30 average annual payments of $15,233,333, before taxes, or $9,632,928 after taxes, though because the Powerball lottery jackpot is awarded according to an annually-increasing rate schedule, early years include smaller payments while the final years include much larger payments. The $2.04 billion Powerball, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to email a link to a friend (Opens in new window), Click to share on Reddit (Opens in new window), Chart: Bay Area rainfall totals for this week. 4. The calculations are based on a $1 billion annuity or a $565.6 million cash lump sum. That works out to about $68 million a year, again, before taxes. The first annuity installment is paid when the jackpot is claimed. Sign up for free newsletters and get more CNBC delivered to your inbox. The waitress fought the tax bill, and eventually landed in Tax Court. Thats more than double what the state just allocated to the office leading the states response to the fentanyl crisis. Opinions expressed by Forbes Contributors are their own. Tax planning with other types of incomewhether you are selling a company, settling a lawsuit, or selling your appreciated cryptois best done in advance and carefully. The other issue is the gift tax. Scooty Nickerson is a data reporter for the Bay Area News Group. Estimated state tax bill: $28.7 million. In practice, there is a 24 percent federal withholding of the gross prize, plus the remaining tax, based on your filing status. Texas doesn't tax lottery winnings, so you'd have no further tax burden like winners in some other states who have to pay an additional 5% to 9% in state taxes. The Maine State Lottery said in a statement that the winner, whose identity still hasn't been revealed, approached the state lottery through a limited liability company, LaKoma Island Investments, to claim their winnings. That's $314 million that the citizens spent buying lottery tickets that will be taken by the government under threat of violence. is in violation of the regulations of this system. The waitress fought the tax bill, and eventually landed in Tax Court. To get the full $2.04 billion instead, the winner would have to pick the 30 annual payments. (Photo illustration by Jakub Porzycki/NurPhoto via Getty Images), some items produce lower taxed capital gain, 20-year-old oral agreement to split lottery winnings, shouldnt have assigned her claim in a waffle house. Really? Powerball, Mega Millions jackpots both top $400 million for the first time Would-be millionaires have another chance to win big in Saturday's Powerball drawing, which takes place at 10:59. For Saturday night's drawing, the cash option which most winners go with is $300.2 million. . Updated: In fact, your first payment would net you more than $4.3 million - enough to buy the most expensive AND the10th most expensive homes for sale in Tulsa, according to listings on Zillow. Maryland. State taxes would take up to another $31.6 million, with New York as the worst offender. advisors. Select from these options: Breaking News, Severe Weather, School Closings, Daily Headlines and Daily Forecasts. But the IRS isn't done yet. Some people may even try to quickly move states, though it can be too late, especially with the lottery. The Mega Millions and Powerball lotteries have each topped $400 million. For example, you could make a cash donation of up to 60 percent of your adjusted gross income and carry forward, up to five years, any excess amount. Kevin O'Leary: What to do if you win the lottery, 4 tips to protect yourself against tax return fraud this year, What you need to know before you invest in Lyft's IPO, Here are 8 costly retirement mistakes to avoid, As new Covid uncertainties loom, advisors say it's 'super important' to revisit your financial plan for 2022, Here are must-know changes for the 2021 tax season, 'Gender-lens' investors direct their money to women-led companies. The $1.28 billion prize, which is the second-largest jackpot in Mega Millions lottery history, can be claimed in a lump sum or over time. But the winner shouldnt spend all that. Their ticket was validated on Friday when a representative for the winner came into lottery headquarters, said Boardman, per the AP. Estimated Jackpot Value (the biggest number): Lump Sum Option One-Time Payout (after Taxes): Annuity Option (30 graduated payments made annually over 29 years) Total Payout (after Taxes): Example Payments Initial (1st) Payment (after Taxes): 10th Payment (after Taxes): 20th Payment (after Taxes): Final (30th) Payment (after Taxes): That's what everyone hopes to be screaming after the Powerball winning numbers are revealed after each drawing. California News | Well, many hundreds of millions of dollars into the top tax bracket, as it turns out. This Mega Millions jackpot is one of the biggest ever after the 2018 South Carolina winner who claimed a $1.537 billion pot. The winning numbers in Friday's drawing were 28, 30, 39, 59 and 70, plus Mega Ball 10. SmartAssets Although only 24% is withheld and sent directly to the IRS, our lucky winner will owe a lot more in April of 2023. And since your lottery winnings are taxed like income, that means they'll be taxed at about 37 percent. Sign up for free newsletters and get more CNBC delivered to your inbox. You are about 400 times . The Texas annuity payments, usamega.com says, total $256,227,840 after taxes. Blank forms for the Powerball lottery sit in a bin at a grocery store, in Des Moines, Iowa, on Jan. 12, 2021. If the winner opts to take the $281.2 million lump sum, lottery site USAMega.com estimates the federal tax withholding would be $70.3 million. However, the top marginal tax rate of 37 percent means the winner would owe a lot more. With all sorts of income, including the lottery, some people try to do some last minute tax planning with gifts, assignments, and more. The poor people deserve it.. And that's before state taxes. The IRS said she was liable for gift taxes when she transferred the winning ticket to a family company of which she owned 49%. Dear Abby: Why do they imply my husband is a freak? Around $173.6 million will go to federal taxes, and another $51 million is going to state taxes. Estimated state tax bill: $26 million. Game Odds. The odds of winning are very small, or about 1 in 303 million. The highest federal tax bracket of 37% is assumed for this example because Powerball jackpot winners will immediately fall into this category. They'll take home $498 million, after choosing a one-time payment of $723 million. Thats a big check to write on April 15. With no one hitting all winning numbers in Wednesday night's Powerball drawing, the top prize has surged higher again. Some suits over lottery winnings are with co-workers and (former) friends, while others are with family membersor with the IRS. Got a confidential news tip? Stay up to date with what you want to know. Depending on the number of your winnings, your federal tax rate could be as high as 37 percent as per the lottery tax calculation. . State New York Jackpot value Total tax to pay: $338,200.00 Breakdown: Federal tax ( 25 %): $250,000.00 State tax in New York ( 8.82 %): $88,200.00 Total tax deductions: $338,200.00 You get to keep: $661,800.00 Do You Always Have To Pay Taxes on Lottery Winnings? The winning cash prize of $747,200,000 after the 24% IRS withholding tax, drops to $567,872,000. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Of course, at some point, there will be a jackpot winner. Mega Millions Friday Jackpot $20 Million. After all, the federal income tax rate goes up to 37%, and you can assume that the winner is in the top 37% bracket. 2023 CNBC LLC. The current Powerball jackpot for Saturday, Sept. 18 is expected to be $457 million with a cash option value of $331,600,000. And then there are federal taxes, which will slice 37% off that cash prize, so that. He then burned through that cash and . Here are the 10 states with the highest taxes on lottery winnings: New York - 8.82% Maryland - 8.75% New Jersey - 8% Oregon - 8% Wisconsin - 7.65% Minnesota - 7.25% Arkansas - 7% South Carolina - 7% Connecticut - 6.99% Idaho - 6.92% Taxes on Lottery Winnings by State 2023 Taxes on Lottery Winnings Taxes on Lottery Winnings by State 2023 Show Source administrators. (Photo by Lokman Vural Elibol/Anadolu Agency via Getty Images), some items produce lower taxed capital gain, 20-year-old oral agreement to split lottery winnings, shouldnt have assigned her claim in a Waffle House. After taxes, she took home $712,501. Taxes eat into most things, though some items produce lower taxed capital gain. But they'll be taking home just $498 million of the $1.35 billion Mega Millions prize, after opting for a lump sum of cash and accounting for taxes, Michael Boardman, the deputy director of the Maine Bureau of Alcoholic Beverages and Lottery Operations, told the Associated Press. New tax law is a mixed bag for your employee benefits, This tax provision helps families save on school costs, taxes, Nonprofit Making of Black Angels focuses on education to change the face of angel investing, How to use pay transparency to negotiate a better salary, Inflation is making it harder for U.S. households to afford monthly expenses. The initial state withholding taxes are based on published guidance from each state lottery and the final state tax rates are from state government publications. The ticket was purchased in Illinois, and Illinois has a 4.95% state income tax, so that lops off another about $37 million in tax. California News | Federal Tax (24%) - $17,832,000 Total Tax Deductions - $21,398,400 Net Jackpot After Tax $52,901,600 Notes The cash lump sum payment is the available jackpot prize pool at the time of the draw. Around $173.6 million of the prize goes to federal taxes, and $51 million is going to state taxes, Boardman told the AP. Top tax rate on lottery prizes: 8.95%. Bank a Million prizes and odds. Heres how much taxes you will owe if you win the current Powerball jackpot. The biggest lottery jackpot to date in the US, a Powerball drawing on November 7, was worth $2.04 billion. All Rights Reserved. Established in 1995, Lottery Around. Lottery officials withhold 24 percent for federal taxes, although you could count on owing much more. The government takes 25% of the winnings . For example, you can win by getting just two balls and the Bonus Ball right. Got a confidential news tip? Around $173.6 million will go to federal taxes, and another $51 million is going to state taxes. Top tax rate on lottery prizes: 9.85%. That levy ranges from zero to more than 8 percent, depending on where you live and where you bought the ticket. (Plus, the winner may benefit from tax law changes, including a reduction in the top tax rate from 39.6 percent to 37 percent.). The exact amount depends on the rules of the actual game - but most lotteries use a 5% increment and a 30 year period. But in terms of life comfort, there. Some lucky winners end up as parties in lawsuits over the proceeds, as these details explain. If you chose the cash value option, you'd pay roughly 37% in various federal taxes reducing your jackpot to $185,275,928, according to usamega.com. Cotreau and a representative for the Maine State Lottery did not immediately respond to Insider's requests for comment. The cash lump sum payment is the available jackpot prize pool at the time of the draw. All week long, the good residents of Altadena, California, have been eyeing neighbors, counting co-workers who call in sick, and ringing up ex-spouses to size up who may have the single winning $2.04 billion Powerball ticket sold at a Mobil gas station in this Los Angeles suburb. That's what everyone hopes to be screaming after the Powerball winning numbers are revealed after each drawing. Most winners, regardless of location, would be subject to federal taxes. as well as other partner offers and accept our. If you choose to take the prize in 30 annual. If You Win Big, Here Are 3 Key Things to Consider, Powerball Adds a 3rd Drawing To Its Weekly Lineup, LIVE RADAR: Afternoon Showers Possible, Powerful Storms Forecast for Thursday, Following a Delivery Truck? But no matter how big the jackpot, the advice for sudden wealth is the same: First, take a deep breath, advises CFP. ET By Bill Bischoff The pitfalls of hitting the big one Everett Collection The next. An Anson County man took a chance on a $3 Powerball ticket and won a . A $426 million lottery ticket was sold in Woodland Hills, California, on Friday night, according to a tweet from the California Lottery. According to USA Mega, the chart below shows an estimate on taxes and net payment in Oklahoma for those who choose to reap the benefits of the big win over the next 30 years. How much tax would you pay on a $1,000,000.00 lottery prize? California does, however, have other ways of benefiting from the lottery. Had they chosen to accept the full payout, the winner would have received their money in 30 payments over 29 years, said Boardman, per the outlet. $396.3 Million. Powerball: Sole winner of Novembers $2.04B jackpot announced A Division of NBCUniversal. Whoever wins the $1.6-billion Mega Millions jackpot could save or lose up to an additional $200 million in state taxes, depending on where the ticket is purchased. In one case, a 20-year-old oral agreement to split lottery winnings was upheld. In the situation when the winner resides in a different state than the one where the winnings were registered, additional state taxes may be added. ST. GEORGE A bill that aims to eliminate the sales tax on food was folded into a larger bill on Tuesday that lawmakers say will cut state taxes up to $400 million.This bill along with a . Curiously, though, only 24% is withheld and sent directly to the government. Most winners seem to take the cash, but whether it is cash or installments, whats the tax bill? Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is Download our free app for Apple and Androidand Kindle devices. Since the tax withholding rate on lottery winnings is only 24%, some lottery winners do not plan ahead, and can have trouble paying their taxes when they file their tax returns the year after they win. 22% on the remaining $33,858 = $7,449. 5. The IRS said she was liable for gift taxes when she transferred the winning ticket to a family company of which she owned 49%. Tax withholding of 24% amounts to $239.4 million, leaving $758.2 million. USA is America's leading lottery resource. Another Powerball jackpot worth $1.59 billion was claimed in 2016 and South Carolina resident claime a Mega Millions prize worth $1.54 billionin 2019. All Rights Reserved. Sie knnen Ihre Einstellungen jederzeit ndern. Copyright 2023 NBCUniversal Media, LLC. Both of the Mega Millions and Powerball jackpots are worth well over $400 million. And the cash the winner has left is $470,736,000. You can find out tax payments for both annuity and cash lump sum options. A Mega Millions jackpot winner in Maine who scored $1.35 billion has come forward, officials said. The ticket, which won the draw on January 13, was purchased at the Hometown Gas & Grill, located near the town of Lebanon, Maine, the state lottery said. Assuming. He received Master's degrees in Applied Social Data Science at the London School of Economics and in Investigative Journalism at Columbia Journalism School. "You can't give that much money away," Fenstad said . If you add the 24% withholding tax plus the 13% extra tax the winner will pay April 15th together, you get a federal tax of $276,464,000. In short, she shouldnt have assigned her claim in a Waffle House. Powerball, Mega Millions jackpots both top $400 million for the first time. Access your favorite topics in a personalized feed while you're on the go. I WON! And whether the person takes their prize as an annuity spread out over three decades or as an immediate reduced lump sum, lottery officials are required to withhold 24 percent for federal taxes. We do not manage client funds or hold custody of assets, we help users connect with relevant financial Regardless of your. Of course, the first hit comes even before taxes kick in. Largest lottery jackpots For Saturday night's drawing, the cash option which most winners go with is $300.2 million. But it can actually make you worse off, and trigger more taxes. Lottery officials announced the claim Wednesday saying the winner of the fourth-largest. A lucky Powerball winner could nab $747 million Monday, reaping 5th largest jackpot The federal tax on the lottery is determined by the federal marginal rates, which is 37 percent in the highest bracket. Of course that is before taxes. Another Powerball jackpot worth $1.59 billion, a Mega Millions prize worth $1.54 billion. 2023 CNBC LLC. If you do not have permission, continuing to attempt to access this site and its resources Of course, that lucky winner won't walk away with the full amount. "We are anxiously waiting to see if it is someone we see regularly here in town that won a whopping 1.3 BIILLLLION DOLLAS," Cotreau wrote on his store's Facebook page. DES MOINES, Iowa No one hit the Powerball jackpot on Saturday, so the money will roll over: A cool $400 million for the next drawing. If the winner picks the lump sum, that $2.04 billion drops to $997.6 million. The Maine State Lottery says the winner chose the cash option, which is a one-time, lump-sum payment of $723,564,144 before taxes, which comes out to $498 million after taxes. Scott Adams faces 'consequence culture' as U.S. newspapers drop Dilbert, Tom Cruise's 'ditching' of Suri showcased by Judd Apatow's 'co-parenting' joke, ex-Scientology exec says. Not bad at all. Winners who do not plan ahead may have trouble paying their taxes the year after they win. received a $1 million bonus after the results were announced. If you decide on the lump sum, the amount is $243,900,000. Some tax advice before the plan might have avoided the extra tax dollars, generated because her tax plan was half-baked. More On This. Next up is the federal tax bill. It is more likely to increase your taxes because of increased welfare and police costs.. How rich are we really talking about? Would dismantling Interstate 980 repair damage to Black neighborhoods? The chance of winning the Powerball jackpot is about 1 in 292 million. California News | TX Lotto Texas Saturday Jackpot $37.5 Million. of the law. The Mega Millions was earlier estimated at $1.6 billion as well, but came down after tickets were tallied. Currently, that amount is about $5 million a person. Wait, really? Thats huge, but its a far cry from being a billionaire. During the course of the annuity payment schedule, there may be changes to the federal and state tax rate. The 24 percent withholding would reduce that by $72 million. But it can actually make you worse off, and trigger more taxes. He said he hopes the jackpot winner ends up being a local who decides to reinvest in the community. Consider the case of the August 2022 Powerball jackpot that had reached $206.9 million at the time that a single winning ticket was sold in Pennsylvania. The state of California loses out on hundreds of millions of dollars of potential revenue every year by not taxing lottery winnings. In rough numbers, assuming the winner is an Illinois resident, that should mean the winner takes home about $433.7 million. Alabama state tax on lottery winnings in the USA Federal Tax: 25 % State Tax: 0 % Alaska state tax on lottery winnings in the USA Federal Tax: 25 % State Tax: 0 % Arizona state tax on lottery winnings in the USA Federal Tax: 25 % State Tax: 5 % In this case, its like winning a second $123 million jackpot. A single winner in Florida snared the $450 Mega Millions jackpot. A Mega Millions jackpot winner in Maine who scored $1.35 billion has come forward, officials said. Yes, after Saturday's $334 million Powerball prize was unclaimed, the next chance for the almost-nationwide jackpot moves to Wednesday. The $450 million jackpot ranks as the fourth largest in the game's history, and the second largest awarded to a single ticket. Tax season starts on Jan. 29. This calculator is only intended to provide an estimate of taxes. Nowadays, luck helps determine which communities and businesses profit from the sudden influx of lottery winners. Some suits over lottery winnings are with co-workers and (former) friends. If you choose the annuity over 30 years, your net payout would be just over $286 million. Local News. The winning Powerball ticket was sold at Joes Service Center in Altadena, California, entitling the ticket holder to a massive $2.04 billion jackpot. So will the IRS. In other words, you could pay north of 45 percent in taxes altogether. The lump sum most New York . Check out the chart below for all eight ways to win a prize in the VA Lottery Bank a Million game. How Taxes on Lottery Winnings Work - SmartAsset Whether you hit the jackpot or won a few hundred bucks, you'll need to pay taxes on lottery winnings. The table below shows the payout schedule for a jackpot of $145,000,000 for a ticket purchased in Texas, including taxes withheld. Sign up fornewsletters emailed to your inbox. They chose to take a one-time payment of $723,564,144 before taxes, the statement added. To use the calculator, select your filing status and state. Payout and Tax Calculator How big is the jackpot? Be prepared: The federal government will withhold 25 percent of your payout before it hits your bank account, with the rest due when you file . Here are some tips to help make ends meet. SmartAsset does not The annuity option is the advertised jackpot, and is the cash lump sum plus interest gained over a period of 29 years. Copyright 2017 Scripps Media, Inc. All rights reserved. If you add the 24% withholding tax plus the 13% extra tax the winner will pay April 15 together, you get a federal tax of $369.1 million. Tax moves right before or right after you receive something may sound pretty slick. If you are talking about a jackpot worth say $400 million, that's $100 million right off the top that goes to the taxman. That's an average of $45 million per year. Following the Wednesday drawing, the Powerball annuity jackpot estimate was raised $100 million . The chance of winning the jackpot, which has been climbing since late December, is about 1 in 292 million. Thats one reason the winner should bank some of the money to be sure they have it on April 15th. Each person can give away, during life or at death, a certain amount of property before the tax kicks in. From the start, the winner losses 24% federal tax withholding that goes off the top to the IRS. But no matter how big the jackpot, the advice for sudden wealth is the same: First, take a deep breath, advises CFP. The calculator will display the taxes owed and the net jackpot (what you take home after taxes). Permission and instructions to access this system can be obtained from the SmartAsset access control Hometown Gas & Grill owner Fred Cotreau said he shared half of the bonus with his employees, according to the AP. More from Advisor Insight:4 tips to protect yourself against tax return fraud this yearWhat you need to know before you invest in Lyft's IPOHere are 8 costly retirement mistakes to avoid. This material may not be published, broadcast, rewritten, or redistributed. Thats the spread between the 24% withholding tax rate and the 37% tax rate. The worst is that the excess will be taxed at 40% because it is over $1 million. Miss Manners: I shouldn't call because the phone scares people? . review the ongoing performance of any Adviser, participate in the management of any users account by an The sum of the individual payments should equal to the advertised jackpot value. Simmons claimed his prize at lottery headquarters and, after required federal and state tax withholdings, took home $1,425,001. Thats one reason the winner should bank some of the money to be sure they have it on April 15. Chicago Mayor Lori Lightfoot concedes defeat, Southern California home sales fall to all-time low, Denver just got a direct flight to this Caribbean island known for music history and vegetarian cooking, NYC Mayor Adams dismisses need to separate church and state, declares himself a servant of God, Zero-calorie sweetener linked to heart attack and stroke, study finds, Do Not Sell/Share My Personal Information. All rights reserved, Both Mega Millions and Powerball Jackpots Are Now Above $400 Million. How the Mega Millions lottery payout works. How California, often maligned as a tax-happy state, ended up being one of nine Powerball participating states including red-state rivals like Florida and Texas that lets lottery winners slide is part of the interesting backstory of how voters here first rejected, then approved lottery sales. The winner would have to win 123 equally record-sized Powerballs to take the top spot on Forbes list of the richest Californians. The jackpot is $403,000,000, which you can opt to receive as an annuity - paid out over 30 years - or as a lump sum. Choose your state ( For tax ): Calculate Payout Lump Sum/Cash Option Calculator Gross Payout (~61% of the jackpot) $610,000 Federal Taxes $146,400 ( 24% ) Arizona $30,500 ( 5% ) Net Payout (after taxes) $433,100 Annuity Calculator (Totals) Gross Payout $1,000,000 Federal Taxes $240,000 ( 24% ) Tales of lottery winners who are broke today are often about those who won $5 million or less, not $250 million.

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