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$1.9 Billion Powerball Jackpot; How Much Are You Going To Get After Different Taxes?

$1.9 Billion Powerball Jackpot
The Powerball jackpot prize has reached $1.9 billion. (Photo:EN)

The Powerball jackpot prize has reached $1.9 billion, the biggest so far in the country’s lottery history. But how much the winner/s will receive after different taxes?

$1.9 Billion Powerball Jackpot

The Powerball jackpot prize has reached $1.9 billion. (Photo:EN)

$1.9 Billion Powerball Jackpot Prize

There is still no winner for the Powerball after 40 consecutive draws. The prize has now reached $1.9 billion and will become bigger if no one wins in the next draw. This is the biggest prize in the country’s lottery so far, followed by $1.58 billion way back in 2016 which was split by three winners.

There are two ways that winners can receive the prize if they are lucky enough to win in the lottery. Either through a one-time lump sum payment or an annuity within 30 years. However, most of the financial experts suggest to choose one-time lump sum.

Meanwhile, the winner of the $1.9 billion Powerball jackpot will not receive the whole amount. The winner will receive an amount of $929.1 million after a tax will be charged. Meantime, this is the second-highest cash prize ever.

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How Much is the Tax?

FORTUNE reports that the Internal Revenue Service will charge 24 percent to the winner/s. Aside from these, there are states that also charge taxes on lottery.

On the other hand, Alabama, Alaska, California, Delaware, Florida, Hawaii, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Utah, Washington, and Wyoming do not charge on lottery winnings.

Here are the states that charge lottery winnings and their tax percentage:

  • Washington, D.C.: 10.75%
  • Maryland: 8.95%
  • New York: 8.82%
  • New Jersey: 8%
  • Oregon: 8%
  • Wisconsin: 7.65%
  • Minnesota: 7.25%
  • South Carolina: 7%
  • Connecticut: 6.99%
  • Montana: 6.90%
  • Idaho: 6.50%
  • West Virginia: 6.50%
  • Vermont: 6%
  • Rhode Island: 5.99%
  • New Mexico: 5.90%
  • Georgia: 5.75%
  • Arkansas: 5.50%
  • Iowa: 5%
  • Kansas: 5%
  • Kentucky: 5%
  • Maine: 5%
  • Massachusetts: 5%
  • Mississippi: 5%
  • Nebraska: 5%
  • North Carolina: 4.99%
  • Illinois: 4.95%
  • Ohio: 4.80%
  • Louisiana: 4.75%
  • Oklahoma: 4.75%
  • Arizona: 4.50%
  • Michigan: 4.25%
  • Colorado: 4%
  • Missouri: 4%
  • Virginia: 4%
  • Indiana: 3.23%
  • Pennsylvania: 3.07%
  • North Dakota: 2.90%

This applies to all not only to Powerball jackpot.

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