Powerball jackpot hits $1 billion—here’s after-tax payout by state

Award for more than a year after the Powerball bonus exceeded $ 1 billion. climbed to that level Meat before drawing at 22:59 on Saturday night.

According to the consortium that manages the lottery, the winning 39 award is the $ 1 billion prize as the sixth largest bonus in the history of the game. The last $ 1 billion bonus was claimed in April 2024 and since then it has won the largest $ 526.5 million In March.

To request the award, 1 on 292.201.338 And match all six numbers, including Red Powerball. There are also smaller prizes, including $ 1 million to match all five white balls without Powerball.

The winners can choose between the two payment options: full bonuses, annual payments for 30 years or a mass cash option below half of the award.

Whichever option you select, the internal revenue service will receive a deduction. The winnings are considered as taxationable income, so 24% is immediately stored. However, the wind almost certainly put you in the best 37% federal tax bracket, so when you file your 2025 tax return, we expect to pay the rest.

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Furthermore, most states collect their own income taxes between 2.5 and 10.9%. Eight states do not give lottery earnings: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.

It should be noted that five states did not join Powerball: Alabama, Alaska, Hawaii, Nevada and Utah.

Based on the best federal rate of 37 %, the total payment of post -tax payment in every state and Washington, DC is about both collective amount and 30 years of annual income. Osamega.com.

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