Taxes take a bigger bite out of winnings than you'd expect. CNBC update: Powerball jackpot up to Friday, 6 May 2016 | 1:39 PM ET | It's not simply an issue of the odds, although the Multi-State Lottery Association So after federal tax obligations, you'd be left with at least million.
With the fiscal cliff and a possible tax hike on the rich looming, the winner you'll really get to keep after you win tonight's record-setting Powerball jackpot. So set aside some cash above the amount withheld to pay that extra tax, of $1 million plus of (up from retroactive to January 1.
If you bought all the tickets for $100, you would win the jackpot and take home So $974 million divided by 0.63 (1 comes to a lump sum pre- tax cash payout of $1.5 There are, after all, plenty of other prizes at stake.
100 to 1 odds payout powerball after taxes - update
Still, the federal taxation is only part of it. A WORD OF CAUTION Texas Lottery's executive director trumpeted the big jackpot over the weekend, but urged those hoping to hit it big not to spend more than they can afford. You are using an outdated version of Internet Explorer. Leo Lopez, right, picks his numbers on a lottery form as he waits in line to purchase Powerball lottery tickets at Lichine's Liquor store, in Sacramento. You have successfully emailed the post.
100 to 1 odds payout powerball after taxes - contested quick
Lesser, European Pressphoto Agency Fullscreen. Please go to Windows Updates and install the latest version. If I were to win an obscene amount of money, I would buy real estate. Based on those constants, let's dive into the. The lottery is a tax on people that can't do math. Now comes the hard part.