How much do lottery winners actually keep?

That's because when anyone wins the lottery, the IRS withholds 24% of the winnings off the top. With the $2.04 billion Powerball jackpot, if the winner opted for the lump sum cash value of $997.6 million, they would be subject to federal income tax at the top tax rate, which is 37%.

kiplinger.com - Multi-Million Powerball Lottery Jackpot Comes With a Hefty Tax Bill

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Make Your Bookie Cry And Pull The Hair By Generating $23,187

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It's been a wild year for the Powerball lottery. On November 8, Powerball announced that a single winning Powerball ticket, sold at a gas station in Altadena California, won the World Record $2.04 billion Powerball lottery jackpot. That means that some lucky ticket holder won the largest jackpot in Powerball history and the largest jackpot in U.S. lottery history. And then a couple of weeks later, on November 20, a Kansas ticket holder won a $92.9 million Powerball jackpot. But of course, due to taxes, those Powerball winners (who have yet to be revealed) will take home a lot less money than advertised. The odds of winning the World Record Powerball jackpot were about one in 292.2 million. But lottery officials point out that the Powerball jackpot has been hit seven times so far in 2022. And since no one has hit the jackpot since November, the Powerball lottery payout is climbing again. So, that always has a lot of people thinking about how much money a lucky multi-million-dollar Powerball jackpot winner will take home—after taxes. Subscribe to Kiplinger’s Personal Finance Be a smarter, better informed investor. Save up to 74% Sign up for Kiplinger’s Free E-Newsletters Profit and prosper with the best of Kiplinger’s expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail. Profit and prosper with the best of Kiplinger’s expert advice - straight to your e-mail. Sign up

Powerball Winning Numbers: Did Anyone Win the Powerball Jackpot?

Winning the Powerball lottery jackpot requires a ticket holder to match six numbers from the Powerball drawing. Powerball drawing days are every Monday, Wednesday, and Saturday at 10:59 p.m. ET. The winning numbers from the last Powerball drawing can be found on Powerball's website. When no one matches all six numbers from a drawing, the Powerball rolls and the jackpot amount climbs.

At last check, the estimated Powerball lottery jackpot was nearing $160 million.

Before the $2.04 billion jackpot in November, the previous Powerball jackpot record was $1.586 billion, which was won by three ticket holders in 2016. The largest Mega Millions lottery jackpot to date, of $1.537 billion, was won by a sole winner in 2018.

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What is the Powerball Payout?

The advertised cash value of the Powerball lottery changes with each drawing. For example, the Monday, December 19 Powerball payout stands at an estimated $158 million.

Powerball Lump Sum Payout or Annuity?

If anyone wins the Powerball lottery jackpot, or another lottery prize, they can choose to receive the payout in one of two ways. They can receive the payout as an annuity, which would be paid in thirty graduated payments over twenty-nine years, or they can receive the Powerball money in a lump sum payment. Most lottery winners choose the lump sum payout. In either case, while $2.04 billion (as in the case of the World Record Powerball jackpot) is a bunch of money and $997.6 million is a lot of cash for the lump sum for that multi-billion-dollar jackpot, any lucky Powerball lottery winner will also be looking at significant tax bills. One of those tax bills will be from the federal government and, depending on where a Powerball winner lives, another could come from the state. The exact amount of tax that a winner will have to pay will depend on factors including the payout option that the winner chooses and the applicable state tax rate. That’s because some states don’t tax lottery winnings. Other states that do have tax rates for lottery winnings that generally range from about 3% to almost 11%. For example, California is a state that doesn’t tax lottery winnings, so the $2.04 billion California winner would only be looking at a massive federal tax bill. But in any case, once applicable taxes are taken out, the amount of money that any winner of the Powerball jackpot would walk away with will be a lot less than the multi-millions that are splashed across lottery news headlines.

How Much Do You Pay in Taxes on Powerball?

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If you’re the lucky winner of a massive Powerball jackpot (or if you win other lottery cash prizes from a Powerball or Mega Millions drawing), you will want to take a couple of deep breaths and secure and protect your winning ticket. Then, you will likely want to work with a qualified financial advisor to consider and plan for the various tax implications of winning the lottery. That's because when anyone wins the lottery, the IRS withholds 24% of the winnings off the top. With the $2.04 billion Powerball jackpot, if the winner opted for the lump sum cash value of $997.6 million, they would be subject to federal income tax at the top tax rate, which is 37%. The lottery winnings for the $2.04 billion prize would be reported on the Powerball jackpot winner’s 2022 federal income tax return. For 2022, the top (i.e., 37%) federal income tax bracket applies to single filers who have more than $539,900 in income and joint filers with income over $647,850. Due to inflation, the federal income tax brackets for 2023 have been adjusted upward. On the state side of things, most states treat lottery winnings as income for tax purposes and the tax rates vary by state. But the jackpot winner’s state taxes could still amount to a huge sum given the size of the Powerball lottery jackpot.

Powerball Drawing Days

Powerball drawing days are every Monday, Wednesday, and Saturday at 10:59 p.m. ET. Tickets are $2 per play. Powerball tickets are sold in 45 states, and the District of Columbia, Puerto Rico and the U.S. Virgin Islands. The five states that don’t participate in Powerball are Alabama, Alaska, Hawaii, Nevada, and Utah.

kiplinger.com - Multi-Million Powerball Lottery Jackpot Comes With a Hefty Tax Bill