Powerball Reaches $785 Million—Here’s How Much The Winner Would Take Home After Taxes

  • by:
  • Source: Forbes
  • 09/25/2023
Powerball Reaches $785 Million—Here’s How Much The Winner Would Take Home After Taxes
Documentary work for the UK National Lottery by dylan nolte is licensed under Unsplash unsplash.com
The Powerball jackpot has jumped to an estimated $785 million for its next drawing on Monday, the lottery’s fourth-largest prize ever, though the winning ticket holder would take home a significantly smaller portion of the prize after paying required taxes.
 

The winner has the option of receiving the $785 million over 30 annual installments over the next 29 years, or as an up-front, lump-sum payment of $367 million.

The $367 million would be reduced to $278.9 million after a 24% federal tax withholding, while a federal marginal rate as high as 37%—depending on the winner’s taxable income—would reduce the winnings down to $231.2 million.

Documentary work for the UK National Lottery by dylan nolte is licensed under Unsplash unsplash.com

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