Powerball Jackpot Climbs to Record $1.9 Billion: 24% Federal Tax on the Win is $456 Million

11/7/2022

Per Reuters

After nobody won the estimated $1.6 billion lottery, the US Powerball jackpot ballooned to $1.9 billion.

The $1.9 billion is if winners choose to receive the prize as an annuity with 30 graduated payments over 29 years.

The states with no lottery prizes state tax are California, Florida, Puerto Rico, New Hampshire, South Dakota, Tennessee, US Virgin Islands, Texas, Wyoming, and Washington State.

Winners are still subjected to a $456 million tax on the $1.9 billion winnings leaving the winner with $1.444 billion before state, local, and other taxes are applied.

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